IATA Warns on Blocked Funds
The International Air Transport Association (IATA) has raised concerns about Nigeria's increasing backlog of international airlines' blocked funds, which could threaten foreign investment and lead to job losses. Nigeria has had the highest amount of blocked funds in the world for over a year.
The blocked funds have increased from $549 million to $743.7 million in just a few months. The IATA has called on Nigeria's Minister of Aviation and President to intervene in resolving the issue, while the Minister has stated that the issue is under the jurisdiction of the Central Bank of Nigeria.
The IATA is disappointed with Nigeria's failure to restore timely repatriation of airline money, which is protected by international agreements. Urgent action is needed to prevent further damage to Nigeria's aviation industry.
Share Your Thoughts