In a significant development, Nigeria has successfully cleared its foreign exchange (forex) backlog, prompting the International Air Transport Association (IATA) to remove the country from its list of nations with blocked airline funds.
Background
Nigeria had been struggling with a substantial forex backlog, which had prevented foreign airlines from repatriating their revenue. This issue had been a major concern for the aviation industry, with IATA estimating that global airline revenue blockages totaled around $1.7 billion.
IATA’s Decision
Following Nigeria’s efforts to clear its forex backlog, IATA has removed the country from its list of nations with blocked airline funds. This decision is a testament to Nigeria’s commitment to resolving the issue and ensuring that foreign airlines can operate smoothly in the country.
Implications
The removal of Nigeria from IATA’s blocked funds list is expected to have a positive impact on the country’s aviation industry. Foreign airlines will now be able to repatriate their revenue without any restrictions, which should lead to increased investment and growth in the sector.
