$783 million has been trapped by foreign airlines in Nigeria, according to IATA

Remember that the country's international airlines have struggled to repatriate their profits due to a persistent lack of foreign currency?According to data from the International Air Transport Association (IATA), foreign airlines operating in Nigeria had trapped funds worth $783 million as of August 2023.This announcement comes as the group works with the Nigerian government to find solutions to the issue that has several foreign airlines suspending operations there. At the end of June 2023, the trapped funds totaled $812.2 million, and the top five nations that accounted for 68% of the blocked aviation funds were Nigeria ($214.1 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million), Lebanon ($141.2 million), and Ethiopia ($126 million). The trade association reported that Kamil Al Awadhi, the IATA's Regional Vice-President for Africa and the Middle East, had started discussions with the Federal Government and offered advice on long-term solutions to the problem of domestic and international carriers' access to foreign exchange.