Foreign Airlines’ trapped funds: IATA commends Nigeria for clearing $831m backlog
By Seun Ibiyemi
The International Air Transport Association IATA lauds Nigeria’s clearing 831 million USD in foreign airlines’ trapped funds.
This significant achievement marks a positive step in restoring confidence within the global civil aviation community.
IATA’s Regional Vice President for Africa and the Middle East, Mr. Kamil Al-Awadhi, gave this commendation during his opening address at the IATA Wings of Change Focus Africa conference on July 2, 2024.
He highlighted the negative impacts of trapped funds on foreign airlines in various countries and applauded Nigeria for its effective resolution of the issue.
Significantly, the decisive action by the Nigerian government has restored confidence in the country within the global civil aviation community. The commendation received widespread applause from participants and other stakeholders in global civil aviation.
Also, the Minister of Aviation, Mr. Festus Keyamo, emphasised the critical role of African Foreign Affairs Ministers in the implementation of the Yamoussoukro Declaration and the Single African Air Transport Market.
During the plenary discussion, Keyamo advocated for the inclusion of Foreign Affairs Ministers in driving the full operationalization of these initiatives.
He argued further that these ministers, who set the agenda for the African Union (AU) Summit, must prioritise the YD and SAATM to ensure they make political decisions to overcome existing challenges.
“To make SAATM work, it is not solely up to African Civil Aviation Ministers. We need to mobilise the African Union to remove domestic restrictions, as political leaders in Africa have the authority to direct their ministers on the way forward,” Keyamo stated.
His recommendation was well-received by the conference participants as a strategic approach to achieving successful implementation and growth of civil aviation across Africa.
The IATA Wings of Change Focus Africa conference, themed ‘Towards a More Resilient and Sustainable African Aviation,’ serves as a premier industry event in Africa.
It commenced on July 2 and will conclude on July 3, 2024. This event has gathered key players in the aviation sector to discuss and strategize on the future of African aviation, focusing on resilience and sustainability.
