The International Air Transport Association (IATA) has announced that Nigeria has cleared 98% of its trapped airline funds. At its peak in June 2023, Nigeria’s blocked funds reached $850 million, impacting airline operations. As of April 2024, only $19 million remains, pending verification by the Central Bank of Nigeria.
IATA Director-General Willie Walsh praised the Nigerian government and the Central Bank for their efforts, emphasizing the importance of reliable air connectivity for the economy. He noted the global reduction in blocked airline funds to $1.8 billion by the end of April, down 28% since December 2023.
Walsh highlighted the adverse effects of currency devaluation in Nigeria and Egypt on airlines, despite progress in clearing funds. He called for continued government action to remove barriers to repatriating airline revenues, crucial for maintaining essential air connectivity.
Significantly, Pakistan and Bangladesh still account for $731 million of the blocked funds, with IATA urging immediate resolution to support airline operations in these regions.
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