The federal government of Nigeria has encouraged
foreign airlines to keep serving the country by releasing a sum of $265 million to them as part of their trapped fund with the Central Bank of Nigeria (CBN).
Nigeria’s move to release $265 million in blocked funds to international airlines has been applauded by the International Air Transport Association (IATA). The remarks were made in a statement on Thursday by Kamil Alawadhi, regional vice-president of IATA for Africa and the Middle East. Alawahdi declared that the international organization would keep in contact with the Nigerian government over the necessity of releasing the last trapped cash.
“IATA welcomes the Nigerian government’s release
of $265m of airlines’ blocked funds. We will continue to engage with it on
expediting the release of the remaining amount so that airlines can continue
providing the connectivity Nigeria requires without disrupting and harming its
economy and jobs.
“We encourage other countries, in Africa and
elsewhere, that are blocking the repatriation of foreign airlines' funds to
follow Nigeria’s example and release the money they are withholding. Without
it, airlines cannot afford to serve those countries. This would be detrimental
to the people and businesses that depend on the airlines' market connectivity.
“IATA speaks and leads the industry on matters of common interest. While IATA cannot speak for individual airlines, we hope the release of blocked funds, with assurances and safeguards to prevent a recurrence, will persuade affected carriers to continue serving Nigeria,” he said.
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