Nigeria’s Aviation Capacity Deficit Stings In Airlines’ Forex Mess

Nigeria’s Aviation Capacity Deficit Stings In Airlines’ Forex Mess

Author: Africa Business Radio August 22, 2022 Duration: 27:24
News Express
Business
Nigeria's lack of capacity to compete in the international air travel space is responsible for its high outflow of foreign exchange to meet the needs of foreign airlines who are providing the services for international travelling passengers in Nigeria.
The painful stings on the country’s already fragile foreign exchange position are at
the heart of current moves by international carriers flying into the country to either suspend flights or task Nigerians to pay for flights in the United States currency, the dollar.
Multi-national destination carrier Emirates, faced with trapped funds believed to now be in excess of $85 million, only last week issued a statement announcing its planned withdrawal of flights into Nigeria from September 1 because it says it is unable to repatriate its funds from ticket sales in Nigeria.

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