The Switzerland-based global airline body-International Air Transport Association-on Sunday warned that rapidly rising levels of blocked funds were a threat to airline connectivity in Nigeria and some affected countries.
IATA disclosed that the industry’s blocked funds had increased by 47 per cent to $2.27bon in April 2023 from $1.55bn in April 2022.
According to the global airline body, the top five countries account for 68 per cent of blocked funds. These comprise Nigeria , Bangladesh , Algeria , Pakistan , and Lebanon . Speaking at the 79th Annual General Meeting and World Air Transport Summit in Istanbul on Sunday, the Regional Vice President, Africa and Middle East, IATA, Kamil Alawadhi, had risen to $812m as of April 2023.
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