The National Association of Nigeria Travel Agencies (NANTA) has praised the Federal Government and its relevant agencies for their swift action in resolving the issue of trapped funds belonging to foreign airlines operating in Nigeria.
NANTA President, Mr. Yinka Folami, highlighted the significant impact these trapped funds had on the association’s members and the Nigerian traveling public. He underscored the importance of continued collaboration led by Aviation Minister Mr. Festus Keyamo and the Inter-Agency Committee on Review of Airfares and Good Practices, which includes the Nigerian Civil Aviation Authority (NCAA), the Federal Competition and Consumer Protection Commission (FCCPC), and NANTA.
Mr. Folami urged the Central Bank of Nigeria to expedite the clearance of the remaining $19 million owed to foreign airlines. He also called on these airlines to lower their fares and prevent the migration of Nigerian travel trade to cross-border markets.
To ensure a stable market environment, Mr. Folami appealed to the International Air Transport Association (IATA) to address issues related to the point of sale and the contracting Nigerian market. He pointed out that the Rate of Exchange (ROE) set by IATA encourages speculation and parallel market transactions, putting pressure on the Naira and driving market migration.
“We believe IATA can show greater consideration and support in addressing these trends, demonstrating the same commitment to our government and businesses as they have elsewhere,” Folami emphasized.
Mr. Folami asserted that the government has kept its promises and deserves backing from foreign partners to ensure Nigerian people and businesses receive fair treatment aligned with mutual goals.
IATA has also commended Nigeria’s commitment to resolving the issue of trapped funds.
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