President Bola Tinubu on Wednesday, directed the Central Bank of Nigeria (CBN) to hold quarterly reconciliatory meetings with foreign airlines to address the challenges of trapped funds.
Tinubu’s directive was conveyed by the Minister of Aviation and Aerospace Development, Festus Keyamo at the African Aviation Summit holding in Abuja.
Declaring the summit open, Keyamo disclosed that the federal government is addressing the challenges associated with foreign exchange supply which resulted in the humongous sum of money being owed to foreign carriers.
According to him, one of the reasons Tinubu was in the United Arab Emirates (UAE) a few days ago was to address the issue of trapped funds.
Recall that the International Air Transport Association (IATA) had cried out over the inability of foreign airlines to repatriate their funds amounting to over $500m.
Consequently, Emirates Airlines was forced to suspend flights to Nigeria as a result of trapped funds.
Three roadmap projects comprising Aerotropolis, Aircraft Leasing Company (ALC), and Maintenance, Repair, and Overhaul (MRO) facility were also unveiled by the minister.
He also unveiled five areas of focus to realize the country’s vision of making Nigeria the Aviation hub of Africa.
The areas listed include infrastructure upgrades, aircraft leasing companies, maintenance repair and overhaul (MRO) facilities, and forex availability.
He said, “As you are all aware, Air Transport remains an essential component of the global transportation system and it’s a crucial driver of economic, social, and cultural development worldwide. Air transport generates economic growth and development, provides jobs, and fosters a range of socio-economic benefits.
“In order to continue to harness and maximize the benefits of air transport in Africa, it is essential and expedient to continue to promote collaboration, knowledge sharing, and business development within the African aviation community that would practically address all the significant and structural challenges.
“Having this unique and important event for the seventh time demonstrates the organizer’s determination and interest to support the sustainable development of air transport in Africa. I therefore wish to take this opportunity to appreciate Times Aerospace Limited who has been the champion of the Aviation Africa Summit as well as making Nigeria the first country to host this noble event in West Africa.
“The recent global events further exposed the immense contribution and importance of air transportation as a catalyst for economic development, the vital engine of global socio-economic growth, one of the greatest contributors to the advancement of modern society, and a key instrument for achieving the United Nations Sustainable Development Goals (SDGs). These underscore why the world was greatly impacted when international aviation was disrupted by the pandemic and other global occurrences.”
The summit is being attended by African civil aviation authorities, airlines in Africa, airport authorities, and other aviation allied service providers.
