Emirates Airlines to suspend flights from Nigeria from September 1 over $85million trapped revenue
Written by broadstreet on August 18, 2022
Emirates Airlines has announced the suspension of its flight operations to Nigeria, starting September 1, 2022, over its $85 million revenue awaiting repatriation from Nigeria.
This was announced in a statement by the airline on Thursday, the airline stated that the suspension is due to its inability to repatriate its earnings in foreign exchange from Nigeria, according to TheCable.
United Arab Emirates (UAE) flag carrier noted that the suspension will help in curtailing further losses and reduce the impact on its operational costs that continue to accumulate in the Nigerian market.
In May, the International Air Transport Association (IATA) lamented the inability of foreign airlines to repatriate about $450 million in earnings
Of the amount, IATA said Nigeria alone is holding about $450 million due to a shortfall of foreign exchange (FX) and a dwindling reserve.
Sam Adurogboye, spokesperson for Nigeria Civil Aviation Authority (NCAA), pleaded with the government to help the airlines repatriate the funds.