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IATA Commends Nigeria For Clearing $831m Foreign Airlines’ Trapped Funds -
The International Air Transport Association (IATA) has commended the Nigerian government for clearing the backlog of foreign airlines’ trapped funds, amounting to over $831 million USD.
IATA’s regional vice president for Africa and the Middle East, Mr Kamil Al-Awadhi, delivered the message during his opening address at the association’s Wings of Change Focus Africa conference holding in South Africa.
The commendation was given in the presence of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo at the event.
Daily Trust reports that Nigeria used to be the only country in Africa holding the largest amount of trapped funds belonging to foreign airlines, owing largely to the liquidity crisis in the foreign exchange market.
Al-Awadhi, according to a statement by Tunde Moshood, SA Media and Communications to Keyamo, highlighted the negative impacts of trapped funds on foreign airlines in various countries and applauded Nigeria for its effective resolution of the issue.
Meanwhile, Keyamo emphasized the critical role of African Foreign Affairs Ministers in the implementation of the Yamoussoukro Declaration (YD) and the Single African Air Transport Market (SAATM).
During the plenary discussion, Keyamo advocated the inclusion of foreign affairs ministers in driving the full operationalisation of these initiatives.
He argued that since these ministers were responsible for setting the agenda for the African Union (AU) Summit, it is essential for them to prioritise the YD and SAATM to ensure that political decisions are made to overcome existing challenges.
