The group warned that if the money is not repatriated to the companies concerned, the Nigerian economy will suffer.
The International Air Transport Association (IATA) has described the blockage of $464 million in repatriation money for basically foreign airline companies in July by the Nigerian Government as disappointing.
The group warned that if the money is not repatriated to the companies concerned, the Nigerian economy will suffer.
SaharaReporters earlier reported that Emirates Airline announced that it would suspend its flights to Nigeria from September 1 this year.
The proposed suspension of flights to Nigeria is connected to its failure to repatriate its trapped ticket sales fund in the West African country to its home country in the United Arab Emirates (UAE).
At least, $600 million belonging to over 20 foreign airlines has been blocked in Nigeria since the beginning of the year.
About two weeks ago, Emirates said that out of these funds, it had about $85 million in Nigeria.
On Monday, the airline cut its 11 weekly frequencies into Murtala Muhammed International Airport, Lagos to seven.
In a statement by its media consultant in Nigeria, the airline alleged that all efforts to repatriate the funds had been futile. It said it was compelled to suspend all flights into the country.
IATA, in a tweet on Thursday, said it is “disappointed that the amount of airline money blocked from repatriation by the #The Nigerian government grew to $464 million in July. #blockedfunds.”
"IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of @emirates from the market
"Airlines can’t be expected to fly if they can’t realize revenue from ticket sales. Loss of connectivity harms the economy, hurts investor confidence, impacts jobs and people’s lives,” it added.
"The Government of Nigeria needs to prioritize the release funds before more damage is done," IATA said.