Nigeria has released almost all blocked airline funds, switching IATA’s primary focus to Asia
- June 3, 2024
- Infrastructure
- 0 Comments
Africa is no longer the continent holding the greatest amount of airline funds blocked from repatriation by governments, the International Air Transport Association (IATA) has reported, at its AGM, in Dubai. (IATA is the global representative body for the airline industry.) This is the result of rapid progress by Nigeria in releasing previously blocked funds, augmented by a parallel process in Egypt. In June last year, Nigeria was holding $850-million in blocked airline funds. As of April, this year, 98% of this amount had been released, leaving only $19-million blocked. This remaining amount is still being held while the Nigerian Central Bank continues its verification process on outstanding forward claims by commercial banks.
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