Nigeria's President, Bola Tinubu, has ordered the Central
Bank of Nigeria to hold quarterly meetings with foreign airlines to address the
airline backlog of trapped funds.
The action is in response to a claim made by Airbus that Nigeria will require an additional 149 aircraft by 2042 to meet the demands of international aviation travel.
Nigeria has received criticism from the International Air
Transport Association (IATA) for levying fees on international airlines using
its airspace. Festus Keyamo, Nigeria's Minister of Aviation and Aerospace
Development, unveiled three aviation sector projects, including an aircraft
leasing company, an MRO facility, and five crucial locations, to help
his country become the best aviation center in Africa.
Nigeria's $600 million debt to foreign airlines puts it at
risk of being boycotted by those airlines. One of the most indebted nations in
the world, the Central Bank of Nigeria (CBN) is owed millions of dollars by
airlines. The stock funds are due to the need for more foreign
exchange.
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