The International Air Transport Association (IATA) has warned the Central Bank of Nigeria (CBN) that some foreign airlines may be forced to quit the Nigerian markets if nothing is done about the $790m ticket revenue currently trapped in the country.
The IATA Regional Vice President, Africa and Middle East at a media presentation with African journalists on December 7, 2023, also said Lagos and Abuja airports had been ranked the most expensive gateways in the region despite the poor state of their infrastructure.
According to him, the Nigerian government is currently holding the highest amount of airline-trapped funds.
On blocked funds, the IATA VP listed Nigeria as the country with the highest amount of airlines’ blocked funds at $792m followed by Egypt ($348m); Algeria ($199m); AFI zone ($183m) & Ethiopia $128mn.
While Ethiopia has mapped out a strategy to defray the debt, Nigeria had yet to do anything on its own, according to him.
