Trapped Foreign Airlines’ Funds in Nigeria Upset Keyamo
By Bliss Okperan
The Minister of Aviation and Aerospace Management, Mr Festus Keyamo, has expressed displeasure over the inability of foreign airlines to take their funds away from Nigeria to their home countries.
According to the International Air Transport Association (IATA), as of June 2023, the total amount of foreign airlines’ trapped funds in Nigeria has risen to $812.2 million.
Airline operators have been unable to repatriate their money because of the foreign exchange (forex) issues Nigeria is experiencing due to a decline in FX earnings.
Speaking at the 7th Aviation Africa Summit in Abuja on Wednesday, the Minister said this should not be happening, apologising to the foreign airlines that have been unable to move their funds out of the country for almost two years.
He used the occasion to unveil roadmaps for the aviation industry, saying he would focus on aircraft leasing, aerotropolis, and maintenance, repair and overhaul (MRO) facilities.
He said it was embarrassing that there are no world-class MRO facilities in West Africa, promising to change this narrative.