{"id":98747,"date":"2022-08-30T09:01:16","date_gmt":"2022-08-30T08:01:16","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=98747"},"modified":"2022-08-30T09:01:16","modified_gmt":"2022-08-30T08:01:16","slug":"foreign-airlines-wont-suspend-operations-in-nigeria-over-trapped-funds-says-iata","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/foreign-airlines-wont-suspend-operations-in-nigeria-over-trapped-funds-says-iata\/","title":{"rendered":"Foreign Airlines Won\u2019t Suspend Operations In Nigeria Over Trapped Funds Says IATA"},"content":{"rendered":"<div>Following the release of $265million of foreign airlines trapped in the Central Bank of Nigeria (CBN), the International Air Transport Association (IATA) said the federal government of Nigeria has encouraged foreign airlines to continue servicing Nigeria.<\/div>\n<div><\/div>\n<div>IATA\u2019s Regional Vice-President, Africa and the Middle East, Kamil Alawadhi, in a statement made available to journalists, said IATA welcomed the Nigerian Government\u2019s release of $265m of airlines\u2019 blocked funds, saying the government has encouraged foreign airlines by releasing the sum out of the $464 million funds belonging to the foreign airlines trapped in the country.<\/div>\n<div><\/div>\n<div>Nigeria is among countries in Africa that are keeping airlines\u2019 funds. Other countries keeping airlines\u2019 funds are Zimbabwe ($100 million), Algeria ($96 million), Eritrea ($79 million), and Ethiopia ($75 million).<\/div>\n<div><\/div>\n<div>But, last week, the CBN released the sum of $265 million out of the total $464 million trapped funds to the carriers, giving hope of foreign airlines continued operations in Nigeria.<\/div>\n<div><\/div>\n<div>Alawahdi, however, said the international body would continue to engage the Nigerian government on the need to release the remaining trapped funds.<\/div>\n<div><\/div>\n<div>\u201cIATA welcomes the Nigerian Government\u2019s release of $265m of airlines\u2019 blocked funds. We will continue to engage with it on expediting the release of the remaining amount so that airlines can continue providing the connectivity Nigeria requires without disrupting and harming its economy and jobs.<\/div>\n<div><\/div>\n<div>\u201cWe encourage other countries, in Africa and elsewhere, that are blocking the repatriation of foreign airlines\u2019 funds, to follow Nigeria\u2019s example and release the money they are withholding. Without it, airlines cannot afford to serve those countries. This would be detrimental to the people and businesses that depend on the market connectivity those airlines provide.<\/div>\n<div><\/div>\n<div>\u201cIATA speaks and leads the industry on matters of common interest. While IATA cannot speak for individual airlines, we hope the release of blocked funds with assurances and safeguards to prevent a recurrence, will persuade affected carriers to continue serving Nigeria,\u201d he stated.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Following the release of $265million of foreign airlines trapped in the Central Bank of Nigeria (CBN), the International Air Transport Association (IATA) said the federal government of Nigeria has encouraged&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":98748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-98747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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