President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) to hold quarterly reconciliatory meeting with foreign airlines to address the challenges of trapped funds.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this at the ongoing African Aviation Summit holding in Abuja.
Keyamo, who declared the summit open, said the federal government is addressing the challenges associated with foreign exchange supply which resulted in the humongous sum of money being owed foreign carriers.
He added that addressing the issue of trapped funds was one of the reasons the President was in the United Arab Emirates (UAE) a few days ago.
The International Air Transport Association (IATA) had cried out over inability of foreign airlines to repatriate their funds amounting to over $500m.
It was as a result of the trapped funds that Emirates Airlines suspended flights to Nigeria.
The Minister also unveiled three roadmap projects comprising Aerotropolis, Aircraft Leasing Company (ALC) and Maintenance, Repair and Overhaul (MRO) facility.
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 upgrade, aircraft leasing company, maintenance repair and overhaul (MRO) facility 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, 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, Airports authorities and other aviation allied service providers.
