• About
  • Privacy Policy
  • Careers
  • Manage Subscriptions
Tuesday, September 26, 2023
TechEconomy
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Apps
      • Gadgets and Appliances
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Podcast
  • TECHECONOMY TV
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Apps
      • Gadgets and Appliances
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Podcast
  • TECHECONOMY TV
No Result
View All Result
Tech | Business | Economy
No Result
View All Result

Home » Foreign Airlines’ Trapped Funds in Nigeria now $743m

Foreign Airlines’ Trapped Funds in Nigeria now $743m

Justice Godfrey Okamgba by Justice Godfrey Okamgba
March 14, 2023
in Travel
0
Trapped Funds
Sifax
Advertisements

The amount of revenue blocked by the Nigerian government from repatriation by foreign airlines has increased to $743 million, up from $662 million in January 2023, the International Air Transport Association (IATA) said, Tuesday.

The association made the announcement in a letter addressed to Hadi Sirika, Minister of Aviation, and signed by Samson Fatokun, the association’s West and Central Africa Area Manager.

RelatedPosts

Emirates aircraft

Emirates to Scale up London Heathrow Flights from October

September 23, 2023

Business Prospects for Nigeria and UAE as Investors Await Lifting of Visa Ban

September 20, 2023

The air transport group and the global airline community wrote to the federal government, requesting a special invention to resolve the country’s blocked funds for airlines.

“For over a year, Nigeria has been the country with the highest amount of airline-blocked funds in the world. Please find attached the comparative table of airlines’ blocked funds by country,” the letter reads.

“Moreover, as of January 2023, airlines’ blocked funds in Nigeria have increased to $743,721,092 from $662m in January 2023 and $549m in December 2022.”

TechEconomy recalls that the trapped funds accrued from ticket sales by foreign airlines. As of March 2022, the total funds were $289 million, but three months later, they increased to $464m amid pressure from the airlines.

As a result of this, many airlines in the past had suspended flight operations in the country, notably Emirates Airlines and British Airways. 

Since then, there have been a series of meetings to address the issue. However, sources close to the matter say that the repatriation of the trapped funds was not in the purview of the Ministry of Aviation but rather the Federal Ministry of Finance.

Speaking in the letter on Tuesday, IATA said the increasing backlog of international airlines’ blocked funds in Nigeria sends a strong message against foreign direct investment (FDI) in Nigeria.

“Potential investors are reading from the plight of the airlines that they would not be able to repatriate their funds from Nigeria, even at this moment when Nigeria is expecting investments in the concession of some of its prominent airports,” the group said.

“Foreign airlines fly into Nigeria within the legal framework of the bilateral air service agreement (BASA) signed between their countries and the Federal Republic of Nigeria.”

It is agreed in those BASAs that Nigeria will facilitate the repatriation of the funds of the other party’s airline. Nigeria flaunts this contractual obligation by not facilitating enough the repatriation of airlines’ funds.”

IATA explains, reduces passenger and cargo access to Nigeria. “E-commerce that relies on aviation for speedy delivery will be impacted in Nigeria.

“Moreover, going by the law of demand and supply, the reduction of airline inventories in the Nigerian market will lead to a ticket fare increase, which will further burden average Nigerians and take air travel out of the reach of many Nigerians,” it said.

Advertisements
innovation
AIT
Advertisements
Tags: AirlinesAITABlock Fundstrapped funds
ShareTweetSend
Previous Post

In Second Round of Layoff, Meta Dismisses 10,000 Staff, Withdraws 5,000 Open Roles

Next Post

Africa Data Centres Deploys DCIM Software across its Facilities

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Emirates aircraft
Travel

Emirates to Scale up London Heathrow Flights from October

by Techeconomy
September 23, 2023
0

Emirates, the world’s largest international airline, has announced it will operate an additional five-a-week service to London Heathrow starting from...

Read more
UAE Visa Ban and Nigeria passport

Business Prospects for Nigeria and UAE as Investors Await Lifting of Visa Ban

September 20, 2023
Godman Akinlabi Launches Find Your Voice to Empower Immigrants Globally

Godman Akinlabi Launches ‘Find Your Voice’ to Empower Immigrants Globally

September 19, 2023
Arik Air and AMCON

AMCON Opens Up on N300bn Arik Air Debt Saga

September 19, 2023
UK visas

UK Announces Over 600% Increment in Student, Visitor Visas

September 16, 2023
nimc and Ministry of Interior

Reasons FG Moved NIMC to Interior Ministry

September 15, 2023
Next Post
Africa Data Centres

Africa Data Centres Deploys DCIM Software across its Facilities

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NEWSLETTER

Subscribe

* indicates required
Techeconomy
Advertisements
Ad 15
Insurance Meet Tech
Advertisements
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
​Sodiq Tijani Toju Africa

Meet Sodiq Tijani, a Product Expert and Entrepreneur Banking the Unbanked

March 2, 2023
Product Led vs Sales Led Business Models

Product Led vs Sales Led Business Models: What Startups Should Know

January 10, 2023
Samsung Galayx A04e - Cheapest Samsung Phones in 2023

Cheapest Samsung Phones in 2023

September 11, 2023
Sodiq Tijani Youcloudpay

How Sodiq Tijani is Empowering African SMEs for Economic Growth

February 9, 2022
Google Cybersecurity Scholarship

Google Recognizes Shortage of Cybersecurity Experts in Africa, Announces Scholarships

22

Ad Dynamo Has Eyes on Nigeria – CEO

19

Digital Marketing in Africa: Bringing Much-Needed Skills to Nigeria’s Youth

16

Ad Dynamo by Aleph Group Launches free Digital Academy

14
Bybit's Perp Protect

Crypto: Introducing Bybit’s Perp Protect

September 26, 2023
FBS and Education Africa

FBS Joins Forces with Education Africa to Empower Youth in Orange Farm

September 26, 2023
9mobile Receives Special Recognition Award from AAAN

9mobile Receives Special Recognition Award from AAAN

September 26, 2023
Dotmac Technologies

Dotmac Technologies Wins Regional ISP of the year at 7th Tech innovation Awards

September 26, 2023

Follow Us

APPLY

MTN mPulse Spelling Bee competition
Apply

Steps to Join MTN mPulse Spelling Bee Competition

by Admin
September 25, 2023
0

The last quarters of 2023 have taken interesting turns, especially since the commencement of the 2023 edition of the MTN...

Read more

WomenPreneurs

Hiring in South Africa by Jessica Hawkey redAcademy
WomenPreneurs

Women in Business: Q&A with Jessica Hawkey, Founder & MD of redAcademy

by Techeconomy
August 22, 2023
0

"Jessica Hawkey is the Managing Director of redAcademy"

Read more

BusinesSENSE For SMEs

Managing Difficult Customer
BusinesSENSE For SMEs

Five Keys to Managing Difficult Customers

by Techeconomy
August 23, 2023
0

You will at one point in your business be confronted with dealing with difficult customers. So, mastering the right strategies...

Read more
  • About Us
  • Career
  • Contact Us
  • Policy

© 2023 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Apps
      • Gadgets and Appliances
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Podcast
  • TECHECONOMY TV

© 2023 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.