The total amount of foreign airlines’ trapped funds in Nigeria has risen to $8.12.2m, according to the latest figure by the International Air Transport Association on Sunday.
Recent estimates by IATA reveal that the top five countries account for a whopping 68.0% of blocked funds, comprising Nigeria , Bangladesh , Algeria , Pakistan , and Lebanon .
Against this backdrop, IATA has called on governments to ensure compliance with international agreements and treaty obligations that enable airlines to repatriate the funds arising from the sale of tickets, cargo space, and other activities. Failure to do that might further jeopardize the stability, profitability, and continuity of the aviation industry.
“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets. Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation,” said Willie Walsh, IATA’s Director General.
“IATA urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate these funds arising from the sale of tickets, cargo space, and other activities.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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