By David Kabiyesi with Agency Report
The International Air Transport Association (IATA) has stated in clear term that Nigeria stands a huge risk of being cut off by international airlines following its refusal to pay her $812.2m blocked funds from the sale of tickets, cargo space, and other activities.
Speaking at the 79th Annual General Meeting and World Air Transport Summit in Istanbul on Sunday, IATA’s Director General, Willie Walsh, said Nigeria and four other countries have become huge threats to airline connectivity.
IATA hinted that the airline industry’s blocked funds had increased by 47 percent to $2.27bon in April 2023 from $1.55bn in April 2022.
“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets. Governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation,” IATA’s Director General, Willie Walsh, said.
The top five countries account for 68 percent of blocked funds. These comprise Nigeria ($812.2m), Bangladesh ($214.1m), Algeria ($196.3m), Pakistan ($188.2m), and Lebanon ($141.2m).
IATA then appealed to President Tinubu to abide by international agreements and treaty obligations to enable airlines to repatriate these funds
