IATA – Foreign airlines blocked funds in Nigeria rise to $744 million

Foreign airlines blocked funds in Nigeria have risen to over $744 million as per International Air Transport Association (IATA). In a letter dated March 14, 2023, IATA wrote to Nigeria’s Minister of Aviation, Hadi Sirika in Abuja and disclosed the information. “For over a year, Nigeria has been the country with the highest amount of airline-blocked funds in the world. The amount owed has risen from $464 million in July last year,” IATA’s letter said. According to IATA, the increasing backlog of international airlines’ blocked funds in Nigeria is a potential threat to foreign direct investment into the country and