Nigeria clears foreign airlines’ $600m trapped funds

MedView Airline begins flight to 3 West African countries

International Air Transport Association (IATA) has confirmed that Nigeria has cleared the $600 million blocked funds belonging to international airlines.

Director General and Chief Executive Officer of IATA, Alexandre De Juniac announced this at the 74th annual general meeting and world air transport summit in Sydney Australia.

Many foreign airlines including Emirates, British Airways, Lufthansa, Turkish Airways, among others operating to Nigeria had accumulated ticket sale earnings in naira to be converted to dollars.

The funds could not be repatriated between to 2016 and most part of 2017 following scarcity of foreign exchange occasioned by drop in crude oil earnings.

IATA representing global airlines, said that Nigeria had succeeded in clearing the blocked funds even when foreign airlines’ funds are still trapped in many countries.

The top five countries with blocked funds according to IATA are Venezuela – $3.78 billion; Angola-approximately $386 million; Sudan-$170 million; Bangladesh-$95 million and Zimbabwe-$76 million.

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