Airlines’ trapped funds hit $783 million August 2023

  • *IATA welcomes Nigeria’s FAAN’s repair of Lagos airport 
  • IATA, FAAN back Lagos int’l airport corrective action plan 

 

The International Air Transport Association (IATA) welcomes the commitment of the Federal Airports Authority of Nigeria (FAAN) to improving infrastructure and service levels at Lagos’s Murtala Muhammad International Airport within twelve months.

This follows a number of safety, security, and passenger service level concerns in Lagos airport raised by IATA member airlines over the past year.

IATA

This is coming as the clearing house for over 200 international airlines said as of August 2023, Nigeria accounts for $783 million of airlines’ blocked funds.

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A high-level meeting between IATA and FAAN, represented by the Managing Director/Chief Executive Officer Mr. Kabir Yusuf Mohammed, last Friday culminated in the FAAN undertaking to expedite improvements in these areas under a corrective action plan.

“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,” said Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East.

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Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, the Honorable Minister Festus Keyamo, during which he called on the new government for continued, but closer, consultation with the industry while developing short- and long-term solutions for foreign exchange access to both domestic and foreign carriers.

 

FAAN MD, Kabir Muhammed

“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,” said Al Awadhi.

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Wole Shadare