The National Association of Nigeria Travel Agencies (NANTA) has praised the Federal Government and its relevant agencies for their prompt resolution of the issue concerning trapped funds of foreign airlines in Nigeria.
NANTA President, Mr. Yinka Folami, in a statement stated that the association’s members and the Nigerian traveling public suffered significantly due to the trapped funds.
However, the strategic interventions by the Federal Government, particularly through the Central Bank of Nigeria, the Minister of Aviation and Aerospace Development, the Nigerian Civil Aviation Authority (NCAA), and the Federal Competition and Consumer Protection Commission (FCCPC), have stabilized the travel trade market in Nigeria.
Mr. Folami encouraged the continuation of the positive measures and collaboration led by Aviation Minister Mr. Festus Keyamo and the Inter-Agency Committee on Review of Airfares and Good Practices (NCAA, FCCPC, and NANTA) for ongoing stability.
He also called on the Central Bank of Nigeria to clear the remaining $19 million owed to foreign airlines and urged these airlines to reciprocate by reducing fares and working to prevent Nigerian travel trade from migrating to cross-border markets.
To foster a stable market environment, Mr. Folami appealed to the International Air Transport Association (IATA) to address the issues related to the point of sale and the shrinking Nigerian market.
He noted that the application of the Return on Equity (ROE) by IATA encourages speculation, parallel market purchases, and pressures on the Naira, which drives the migration of the Nigerian market.
He emphasized that the government has fulfilled its promises and deserves support from foreign partners to ensure Nigerian people and businesses receive fair and respectful treatment aligned with shared objectives.
IATA also had commended Nigeria’s commitment to resolving the issue of trapped funds, urging the remaining $19 million to be paid.
NANTA believes this development will help further stabilize fare pricing in Nigeria.