These airlines will be feeling really great: “The International Air Transport Association (IATA) has provided an optimistic update regarding the issue of airline funds trapped in Nigeria, confirming that 98% of these blocked funds have now been cleared.” My commendations to the aviation minister (Festus Keyamo), the governor of the Central Bank of Nigeria (Olayemi Cardoso) and the finance minister (Wale Edun). This is how it should be.
The situation had led to notable disruptions in airline services. UAE carrier Emirates was among the most affected, leading it to suspend its flights to Nigeria in August 2022. The airline cited difficulties in repatriating revenues in US dollars, which were trapped due to Nigeria’s foreign exchange regulations.
Emirates, which had been operating flights to both Lagos and Abuja, faced significant financial strain as it was unable to access its earnings from ticket sales in Nigeria. This forced the airline to adjust its operations drastically, including halting ticket sales for lower-priced fare classes.
Good People, if we want competition to help reduce prices on our international routes, airlines should be in positions to repatriate their funds as agreed. The aviation minister is working (in my opinion) and I think the central bank has done well here.
Now, the big one: I am waiting for the National Assembly to invite all the foreign airlines for a public hearing. I want to understand the economics of how prices crashed when Air Peace got in. Was there a collusion in pricing against the Nigerian people by these airlines? We want to know!
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