The International Air Transport Association (IATA) as of August 2023, Nigeria is responsible for $783 million of the frozen money for airlines.
In a statement, the trade group said that Kamil Al Awadhi, the IATA’s regional vice president for Africa and the Middle East, conducted discussions with the Federal Government to fix the issue.
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Due to a persistent lack of foreign currency, foreign airlines operating in the nation have been unable to remit their commercial revenue.
The statement read in part, “Mr Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, the Honorable Minister Festus Keyamo, during which he called on the new government for continued, but closer, consultation with the industry while developing short- and long-term solutions for foreign exchange access to both domestic and foreign carriers. As of August 2023, Nigeria accounts for $783m of airlines’ blocked funds.”
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