The total amount of foreign airlines’ trapped funds in Nigeria has risen to $802m, according to latest figure by the International Air Transport Association-the Switzerland-based trade association of world airlines.
As a result, IATA warned the Nigerian government that the situation could hamper air connectivity, economic growth, and the development of the country’s aviation sector.
The Director-General, IATA, Willie Walsh, spoke on Monday while launching “Focus Africa”, a new initiative aimed at strengthening aviation’s contribution to Africa’s economic and social development. The project will also improve connectivity, safety, and reliability for passengers and shippers.
“Airlines may be forced to reduce their service in the countries blocking funds; this is a very important issue to airlines and IATA. It is capable of affecting the growth of African aviation,” Walsh noted.h, Others | Punch
Earlier, IATA Chairperson-designate and RwandAir Chief Executive Officer, Yvone Makolo, had listed Nigeria as the country with the highest blocked funds in Africa and the world.
According to her, the total amount of blocked funds in Africa is $1.6bn, out of which Nigeria has $802m.
She listed Algeria as the country with the highest blocked funds in Africa.
“The limiting factors on Africa’s aviation sector are fixable. The potential for growth is clear. And the economic boost that a more successful African aviation sector will deliver has been witnessed in many economies already. With Focus Africa, stakeholders are uniting to deliver on six critical focus areas that will make a positive difference. We’ll measure success and will need to hold each other accountable for the results,” said Walsh.
The six focus areas of the Africa Focus initiative are: safety, infrastructure, connectivity, finance and distribution, sustainability, and future skill.
