THE WILL
President Bola Tinubu has directed the Central Bank of Nigeria (CBN), to create a platform for quarterly reconciliatory meetings with foreign airlines, towards settling accumulated trapped funds.
Minister of Aviation and Aerospace Development, Festus Keyamo, made this known on Wednesday, at the ongoing African Aviation Summit, which is being held in Abuja.
Keyamo said the Federal Government was also addressing the challenges associated with forex supply, which resulted in the huge sum of money being owed foreign airlines.
“The current administration is aware that one of the setbacks entrepreneurs have suffered in Nigeria in recent years is the fluctuation of forex and its availability.
“This administration is committed to ensuring that forex is readily available to entrepreneurs and I have directed that the CBN hold quarterly reconciliation meetings with a view to resolving this issue”, he said, adding President Tinubu was in the UAE on Monday, to resolve the issue of blocked funds, among other issues.
The Minister also unveiled three roadmap projects, which include Aerotropolis, Aircraft Leasing Company (ALC), and Maintenance Repair and Overhaul (MRO) facility.
He further unveiled five focus areas to realise the country’s vision of becoming an aviation hub in Nigeria. The key areas listed include infrastructure upgrade, ALC, MRO facility and forex availability.
“Government welcomes major players in aircraft leasing and lessors to invest in Nigerian airlines to provide state of the art aircraft. The government will ensure the enforcement of contract agreements and the rights of investors and indeed all parties are protected and Nigeria being a signatory to the Cape Town Convention will uphold international obligations.
