National Economy
Tuesday, July 8, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

Nigeria Withholding Repatriation Of $450m Foreign Airlines Revenue – IATA

by Justin Ibeh
3 years ago
in Business
Reading Time: 2 mins read
International Air Transport Association's
Share on FacebookShare on TwitterShare on Telegram

You May Like

CBN Clarifies BVN Fee For Nigerians In Diaspora

FAAN Seeks Investment In Cargo, Aviation Industry

Nigeria is withholding $450 million in revenue international carriers operating in the country have earned, an executive at the world’s largest airlines association said on Sunday.

Africa’s largest economy has restricted access to foreign currency for imports and for investors seeking to repatriate their profits as the nation tackles a severe dollar shortage.

The International Air Transport Association’s Vice President for Africa and the Middle East, Kamal Al Awadhi, described talks with Nigerian officials to release the funds as a “hectic ride.”

“We keep chipping away and hoping that it clicks that this is going to going to damage the country down the road,” he told reporters in Doha on the eve of IATA’s annual meeting of airline chiefs there this week.

Al Awadhi, a former chief executive of Kuwait Airways, said Nigerian officials had blamed the foreign currency shortage for not repatriating the airline revenue.

The Central Bank spokesperson in Nigeria did not immediately respond to a request for comment.

Nigeria has previously blocked revenue from foreign airlines before later repatriating the funds.

IATA has so far had held two rounds of talks with Nigerian officials, including from the Central Bank, who Al Awadhi said were “not responsive” to releasing cash.

Another round of talks between IATA and Nigerian officials is expected to start soon, the airline lobby group said, without specifying when.

“Hopefully, we can get some sort of solution where it starts going down (but) it won’t, I doubt, be paid in a single shot,” Al Awadhi said.

IATA said $1 billion of revenue belonging to foreign airlines is being withheld across Africa, although Nigeria is the only country where the value of blocked funds has risen.

The $450 million, the largest amount withheld by any African nation, in May was 12.5 per cent higher than the previous month.

Algeria, Ethiopia and Zimbabwe, who combined are withholding $271 million from foreign airlines, in May marginally paid down what they owed. Eritrea was unchanged at $75 million, IATA said.

Speaking to NATIONAL ECONOMY, the spokesman, Federal Ministry of Aviation, James Oduadu, said the repartraition of trapped fund isn’t in the purview of the ministry but, Federal Ministry of Finance.

He, however, stated that the minister is ready to help the foreign airlines repartrait their funds to their country and also to be profitable.

He said, “I know that the minister of Aviation, Sen. Hadi Sirika, is at the forefront of encouraging both local and foreign airlines to operate to be their full capacity and I know that he is one person that will do whatever is possible for airlines operating in Nigeria to have access to their funds.

“If it’s true that Nigeria is blocking fund which I doubt very much probably there may be issues that are not resolved and off course, repatriation of funds is not within the purview of the ministry of aviation, but that of finance. If there are problems the foreign airlines are facing and they need assistance of ministry of aviation, the onus is on them to come for intervention even though it’s not within the purview of the ministry and I can assure all stakeholders, local and foreign that the minister of aviation is committed to doing whatever is humanly possible to ensure that their operation are effective, efficient and profitable,” he said.

Tags: IATA
ShareTweetShare
Previous Post

My Proposed Revision Of The Ease Of Doing Nigerian Business Index

Next Post

Despite GDP Growth, Population Surge Pushes More Nigerians Into Poverty

ANOTHER GOOD READ

CBN Unveils New Liquidity Instruments For NIFIs
Business

CBN Clarifies BVN Fee For Nigerians In Diaspora

12 hours ago
FAAN Seeks Investment In Cargo, Aviation Industry
Business

FAAN Seeks Investment In Cargo, Aviation Industry

3 weeks ago
Mouka Rewards Top Business Partners With Trip To Cape Town
Business

Mouka Rewards Top Business Partners With Trip To Cape Town

1 month ago
Union Bank Hosts Math Contest For Hearing-impaired Students
Business

Union Bank Hosts Math Contest For Hearing-impaired Students

1 month ago
Blue Sands STEM Lab, Others Take Top Prize At MarkHack 4.0
Business

Blue Sands STEM Lab, Others Take Top Prize At MarkHack 4.0

1 month ago
Asharami Energy Commits To Local Capacity Devt, Sustainable Growth
Business

Asharami Energy Commits To Local Capacity Devt, Sustainable Growth

1 month ago
Next Post
nigerians

Despite GDP Growth, Population Surge Pushes More Nigerians Into Poverty

Most Recent

Trump Cryptocurrency Drops Amid US Tariff Backlash

Trump Threatens 10% Tariff On Countries Aligning With BRICS

July 7, 2025
China Hits US With Retaliatory Tariffs, Launches Probe Into Google Practices

China Responds To Trump’s Tariff Threat Against BRICS-Aligned Countries

July 7, 2025
CBN Unveils New Liquidity Instruments For NIFIs

CBN Clarifies BVN Fee For Nigerians In Diaspora

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Fiscal Governance Lifeblood Of National Development— Tinubu

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

At BRICS Summit,Tinubu Demands Reform Of Global Financial, Health Systems

July 7, 2025
LG Launches “Radio Optimism” Campaign

LG Launches “Radio Optimism” Campaign

July 7, 2025
Are Africans Genetically Inferior?

Are Africans Genetically Inferior?

July 7, 2025
Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

July 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy