Nigeria Removed from IATA List of Countries Blocking Airline Funds

The International Air Transport Association (IATA) has removed Nigeria from its list of countries with blocked airline funds, following significant progress in resolving the issue. This development comes as IATA reports a global total of $1.7 billion in funds still blocked in other countries.

Blocked airline funds occur when airlines cannot repatriate revenues generated from ticket sales in foreign markets due to restrictions imposed by those countries. Nigeria, once among the nations with the largest amounts of blocked funds, has now cleared its outstanding balances, ensuring airlines can repatriate their revenues without impediments.

This achievement highlights Nigeria’s commitment to improving its aviation sector and addressing longstanding concerns from international airlines. The Federal Government, in collaboration with the Central Bank of Nigeria, implemented measures to prioritize foreign exchange allocations for airlines, enabling the resolution of the backlog.

IATA Director-General Willie Walsh commended Nigeria’s efforts, stating that the move is a positive signal to the global aviation community. He emphasized that ensuring the free flow of airline funds is critical to sustaining air connectivity and fostering economic growth.

Nigeria’s removal from the list is expected to bolster confidence among international carriers and stakeholders, potentially leading to increased flight operations and investments in the country. Aviation experts have also praised the development, citing its potential to enhance the country’s reputation as a reliable partner in the global aviation industry.

Despite Nigeria’s progress, other nations, including some in Africa and the Middle East, remain on IATA’s list due to ongoing restrictions on airline fund repatriation. IATA has called for continued dialogue and policy adjustments to address these global challenges.

This milestone marks a turning point for Nigeria’s aviation industry, reflecting a proactive approach to resolving issues that previously strained relationships with international airlines.