The Nigerian aviation industry’s hope of overcoming its current challenges remains a mirage as forex scarcity continues to bite harder.
Due to the Emirate’s airline’s inability to repatriate its funds despite multiple attempts, as well as the Nigerian government’s attitudes toward the transaction, the airline has no choice but to suspend operations until progress is made.
The record has it that the $85 million Emirates fund is part of the over $450 million airlines’ funds still withheld by the country.
Other countries in Africa that hold on to the huge amounts of airlines’ revenues include Zimbabwe – $100 million; Algeria – $96 million; Eritrea – $79 million and Ethiopia, $75 million (As of June 2022).
The government needs to take drastic action knowing the crucial role aviation plays in every nation’s GDP.
The action by Emirate airlines, if not quickly reversed, is already tarnishing the country’s and the aviation community’s image. This is already sending negative signals to prospective aviation investors, forcing some financial institutions to put transactions on hold. This has serious economic implications for Nigeria, both directly and indirectly, because they are one of the major international carriers operating in Nigeria, with approximately three flights per day. As an aviator, this is not a welcome development, and I hope that all stakeholders will work together to reverse this dreadful trend.
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