The IATA says the main driver of the reduction in funds repatriation recorded so far was due to a significant clearance of blocked funds in Nigeria
The International Air Transport Association , a top global trade association of airlines, has said that 98 per cent of airlines' trapped funds in Nigeria have been cleared.
He explained that carriers faced difficulties in repatriating revenues in US dollars, and that the high volume of blocked funds led some airlines to reduce their operations, while one carrier temporarily ceased operations to Nigeria, which severely impacted the country's aviation industry. "We are on the right path and urge the government to clear the residual $19 million and continue prioritising aviation."Last November, IATA criticised Nigeria and other African countries for not allowing international airlines to repatriate their profits.
Of this figure, $300 million is said to be legacy debt, which the CBN has taken, but yet to be remitted to IATA on behalf of the airlines.According to the statement, IATA said it has reported a 28 per cent decrease in the amount of airline funds blocked from repatriation by governments globally.
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