Due to severe dollar shortages, many Nigerians and businesses are forced to exchange money on the black market, where the value of the naira has been steadily declining. Some foreign airlines that sold tickets in Nigerian naira have found it challenging to get their money out of the country due to the lack of dollars
The highest amount owed by any country is $743 million, according to a spokesperson for the international airline industry association IATA, which said Nigeria was withholding last week.
A timetable for releasing the trapped funds was not given by Sirika. He claimed that while $216 million was owed to IATA airlines, Qatar Airlines had $201 million blocked.
"We are doing our best to get the monies released," Sirika told reporters in Abuja.
The majority of Emirates airline's funds had been removed from Nigeria, but about $35 million still needed to be released, he continued.
The central bank was instructed by President Muhammadu Buhari in February to increase the amount of foreign currency allocated to Dubai's Emirates after the airline halted operations to and from Nigeria due to a lack of available funds.
The Niger Delta's widespread crude theft and years of underinvestment have hurt output and put a strain on government finances, despite the fact that oil is Nigeria's largest source of foreign exchange. Angola briefly replaced Nigeria as Africa's top oil exporter and producer last year for a few months.
Additionally, Nigeria's controversial national carrier, Nigeria Air, may begin operations before the swearing-in of a new administration on May 29, according to Hadi Sirika, the country's minister of aviation.
On Thursday in Abuja, the minister made this announcement at the National Aviation Stakeholders Forum 2023. “Operation of local and international flights will commence soon. Before the end of this administration, before May 29, we will fly,” Mr. Sirika said.
“Negotiation meetings with the Ethiopian Airlines Group Consortium and the Federal Government of Nigeria are ongoing. Next step: Federal Executive Council approval of the Full Business Case.” He added.
Also, according to Mr. Sirika, the national carrier will boost the GDP of the nation, promote hospitality and tourism, support the expansion and development of Nigeria's agricultural industry, and generate jobs near the Agro-Cargo Terminals.
