Foreign airlines trapped funds in Nigeria hits $738 million

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Foreign airlines trapped funds in Nigeria hits $738 million Trapped funds belonging to foreign carriers operating flights into and out of Nigeria has hit $738 million , the International Air Transport Association (IATA), has disclosed. The clearing house for over 200 global carriers said the funds hit the mark as of August 2023. In a statement released on Tuesday, the body it is engaging the Nigerian government on how to improve airport infrastructureand service levels at the Lagos International Airport. The global airlines' body said it has endorsed facility upgrade for the Lagos Airport By the Federal Airports Authority of Nigeria (FAAN) within the next twelve months. The body said the endorsement was a fall out of a number of safety, security, and passenger service level concerns in Lagos airport raised by IATA member airlines over the past year. A high-level meeting between IATA and FAAN, represented by the Managing Director/Chief Executive Officer Mr. Kabir Yusuf Mohammed, last Friday culminated in the FAAN undertaking to expedite improvements in these areas under a corrective action plan. “We welcome FAAN’s commitment to upgrade Lagos airport. It is the main domestic and international hub connecting Nigeria with the rest of Africa and beyond and needs to keep up with demand. This strategic focus not only enhances the aviation sector but also serves as a catalyst for Nigeria’s broader economic and social advancement. IATA stands ready to support the FAAN with expertise to ensure international standards are met through the corrective action plan,” said Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East. Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, 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 domestic airlines. “Safety, security, and efficient infrastructure are critical for a well-functioning air transport system. So is the ability of airlines to have access to the revenues they generate in Africa. These priorities are among the key elements addressed under IATA’s Focus Africa initiative to strengthen aviation’s contribution to Africa’s economic and social development. Nigeria’s focus on these issues reinforces their position among the leaders of African aviation,” said Al Awadhi.

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