• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Saturday, September 13, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home Read a ride Aerospace

Nigeria clears over $800m in blocked airline funds

David Ijaseun by David Ijaseun
June 5, 2024
in Aerospace, Premium
0
Airplane on Airport runway

Airport runway

1.3k
SHARES
19.7k
VIEWS
Share on FacebookShare on Twitter

Nigeria has cleared over 98% of its previously blocked airline funds, totaling over $800 million. This progress comes as part of a broader global reduction in blocked airline funds, which have decreased by 28% to $1.8 billion as of April 2024, according to the International Air Transport Association (IATA).

For many years, airlines operating in Nigeria faced severe challenges due to the inability to repatriate revenues earned from ticket sales and other activities.

READ ALSO

Mexico to raise car tariffs on China to 50% in bid to protect jobs

Landmark auto summit to spotlight Nigeria’s local assemblers and future growth potential

This issue reached a peak in June 2023, when $850 million of airline funds were trapped in the country. However, recent efforts by Nigeria’s new government and the Central Bank of Nigeria have brought about a remarkable turnaround.

Significant progress in fund repatriation

“The reduction in blocked funds is a positive development,” said IATA Director General Willie Walsh. “The remaining $1.8 billion, however, is significant and must be urgently addressed. The efficient repatriation of airline revenues is crucial for maintaining economically critical connectivity.”

IATA’s report highlighted that, globally, governments have managed to clear about $708 million in the past six months. Nigeria, in particular, has made substantial strides, clearing nearly all its blocked funds. Only about $19 million remains, pending verification by the Central Bank.

Impact: Emirates Airlines resumes flights after 5 months

One of the most notable impacts of this financial release is the resumption of Emirates flights to Nigeria. The airline had suspended operations in October 2022 due to the inability to repatriate funds. With the resolution of the financial blockage, Emirates announced that it would resume flights from Dubai to Lagos in May 2024.

“We commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue,” Walsh added. “Reliable air connectivity is crucial for individual Nigerians and the economy. We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation.”

Broader impact on the Aviation industry

Nigeria’s success is a bright spot in the broader context of blocked airline funds, particularly in Africa, which held 75% of the world’s blocked funds as of October 2023. Eight countries, including Nigeria, are responsible for 87% of the total blocked funds globally. This issue continues to affect other nations, with Pakistan holding $411 million and Bangladesh $320 million, among others.

Positive outlook for African Airlines

Despite ongoing challenges, the outlook for African airlines is improving. IATA announced strengthened profitability projections for 2024, with net profits expected to reach $30.5 billion globally. In Africa, airlines are projected to post a combined net profit of $0.1 billion, reflecting a 0.6% profit margin.

Tags: Around Africacommercial airlinesEmirates

Related Posts

Electric Vehicles

Mexico to raise car tariffs on China to 50% in bid to protect jobs

September 12, 2025
Autojournal Auto summit
Africa

Landmark auto summit to spotlight Nigeria’s local assemblers and future growth potential

September 8, 2025
Munich Auto Show 2025 [Reuters]
Electric Vehicles

Munich Auto Show: Europe battles tariffs and chinese surge with cheaper EVs

September 8, 2025
Toyota sales in South Africa a
Africa

One in four cars sold in South Africa in August 2025 was a Toyota

September 8, 2025
Elon Musk at Tesla
Electric Vehicles

Tesla offers record $1 trillion pay deal to Elon Musk, tying future to AI and robots

September 7, 2025
Uber in South Africa
Africa

Uber, Bolt lose rider trust in South Africa over safety and service issues

September 4, 2025
Next Post
Toyota recalls 102,000 Tundra and Lexus LX vehicles due to potential engine failure

Toyota recalls 102,000 Tundra and Lexus LX vehicles due to potential engine failure

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

cars sales

China’s November car sales surge 16.6%, fastest growth in 2024

December 10, 2024
The E-Class

Franklin Peters – CEO Boundlesspay

February 11, 2023
DC plane-helicopter crash

Tragedy in the sky: Over 60 feared dead in DC plane-helicopter crash

February 4, 2025
Tesla sold 21,900 electric vehicles (EVs) in China

Tesla’s reign in California wavers as car sales drop 12% in 2024

February 4, 2025

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Mexico to raise car tariffs on China to 50% in bid to protect jobs
  • Landmark auto summit to spotlight Nigeria’s local assemblers and future growth potential
  • Munich Auto Show: Europe battles tariffs and chinese surge with cheaper EVs
  • One in four cars sold in South Africa in August 2025 was a Toyota

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In