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The National Association of Nigeria Travel Agencies (NANTA) has expressed appreciation for the decision made by the Central Bank of Nigeria (CBN) and the Federal Government to release foreign airlines’ trapped funds, stating that it has improved Nigeria's reputation.
NANTA commended the government and other relevant agencies for their swift resolution of the issue, acknowledging the collective effort of the Federal Government, Minister of Aviation and Aerospace Development, the Nigerian Civil Aviation Authority (NCAA), and the Federal Competition and Consumer Protection Commission (FCCPC) in achieving stability in the travel trade market in Nigeria.
NANTA emphasized the importance of continued fair play and collaboration among relevant parties for ongoing monitoring and stability, urging the CBN to clear the remaining $19 million owed to foreign airlines.
The International Air Transport Association (IATA) also praised Nigeria's commitment to resolving the issue, noting that the outstanding $19 million represents less than two per cent of the total $850 million and is being addressed.
NANTA believes that resolving the trapped fund issue will contribute to further stabilizing fare pricing in Nigeria and called on foreign airlines to reciprocate the gesture by lowering fares and collaborating to prevent the migration of Nigerian travel trade opportunities to cross border trading.
NANTA proposed creating a stronger and more enduring environment for stable growth.
