The International Air Transport Association (IATA) has lamented the failure of airlines to repatriate the sum of $963m from Nigeria and several other countries across the globe.
According to IATA, Nigeria, with four other countries account for more than 60 percent of the figure. The countries are Bangladesh ($146.1 million), Lebanon ($175.5 million), Nigeria ($143.8 million), and Zimbabwe ($142.7 million). While other countries account for the remaining 40 percent.
IATA, which represents 290 airlines, has appealed to governments to abide by international agreements and treaty obligations to enable
airlines to repatriate not less than $1 billion in blocked funds from the sales of
tickets, cargo space, and other activities.
“Governments are preventing nearly $1 billion of airline
revenues from being repatriated,’ IATA’s Director-General, Willie Walsh says.
“This contravenes international conventions and could slow the recovery of travel and tourism in affected markets as the airline industry struggles to recover from the Covid-19 pandemic."
"Airline will not be able to provide reliable connectivity if they cannot rely on local revenues to support operations. For this reason, all governments need to see the repatriation of funds as a priority".
However, there has been a positive outcome from Bangladesh and Zimbabwe in recent years as both countries were able to reduce the blocked funds. IATA added.
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