Foreign Airlines Trapped Funds Might Hit $1bn By 2022 Ending

  • As more airlines prepare to suspend operations in Nigeria.

Funds of foreign airlines trapped in Nigeria might hit $1 billion by the end of 2022, if a quick solution is not provided for these foreign airlines to repatriate their funds.

The foreign airlines are already halting operations in Nigeria and raising airfares over their inability to repatriate funds to their home countries.

The funds of more than 20 foreign airlines had risen to over $600 million as of July ending, and stakeholders are getting worried over the development.

British Airways Airways recently, reduced its flight frequency to Nigeria, as the airline informed its passengers on Thursday of an imminent hike in the cost of its flight tickets.

Haven done this, the British airline might be next to suspend its operations in Nigeria, after Emirates airlines, which is the United Arab Emirates (UAE), the flag carrier, disclosed that effective from September 1, 2022, it would suspend operation in Nigeria’s airspace.

Other international carriers are probably working out the modality for flight suspension from Nigeria.

International Air Transport Association (IATA), had already expressed concerns in June 2022, over the decision by the Federal Government of Nigeria to block foreign airlines from repatriating ticket sales revenue running into $450m (N188.6bn) into their respective countries.”

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