International airlines blocked funds in Nigeria has risen to $783 million as at August 2023.
The latest debt figure by Nigeria was revealed in Abuja on Tuesday by the International Air Transport Association.
Its Regional Vice-President for Africa and Middle East, Kamil Al Awadhi, made it known after a meeting with Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo.
Al Awadhi said: “As of August 2023, Nigeria accounts for $783 million of airline blocked funds.
“Safety, security and efficient infrastructure are critical for a well-functioning air transport system.
“So is the ability of airlines to have access to the revenues they generate in Africa.
“These priorities are among the key elements addressed under IATA’s Focus Africa initiative to strengthen aviation’s contribution to Africa’s economic and social development.
“Nigeria’s focus on these issues reinforces their position among the leaders of African aviation.”
At another high-level meeting between IATA and the Federal Airports Authority of Nigeria, which had the Managing Director of FAAN, Kabir Mohammed, in attendance, Al Awadhi said: “We welcome FAAN’s commitment to upgrade Lagos airport.
“It is the main domestic and international hub connecting Nigeria with the rest of Africa and beyond and needs to keep up with demand.
“This strategic focus not only enhances the aviation sector, but also serves as a catalyst for Nigeria’s broader economic and social advancement.
“IATA stands ready to support the FAAN with expertise to ensure international standards are met through the corrective action plan.”