According to the International Air Transport Association, IATA, foreign Airlines’ funds trapped in Nigeria stood at $743,721,097 million in February 2023.
Dr Samson Fatokun, IATA Area Manager, West and Central Africa, disclosed this on Tuesday in Abuja when he and his team visited the Minister of Aviation, Sen. Hadi Sirika.
According to him, Nigeria topped the list of countries with the most trapped funds from foreign airlines.
He said the issue has hugely affected Foreign Direct Investments in Nigeria.
“As of February 2023, airlines blocked funds in Nigeria have increased to $743, 721,097 from $662m in January 2023 and $549m in December 2022,” he said.
Responding, the Minister of Aviation, Sen. Hadi Sirika, said he would use his office and personal relationship with President Muhammadu Buhari to ensure that airlines’ funds blocked in Nigeria were totally cleared.
