Middle East & Africa | Grounded in Nigeria

Foreign airlines in Nigeria are frustrated by the blocking of their funds

Will the new president urge the central bank to hand over the cash?

TOPSHOT - Passengers had to go long distances on foot, in order to get to the Airport terminal in Ikeja, Lagos on October 19, 2020, during ongoing protest against the unjust brutality of The Nigerian Police Force Unit, the Special Anti-Robbery Squad (SARS). - Nigerian protesters paralysed Africa's biggest city Lagos on October 19, 2020, blocking the airport as widespread demonstrations sparked by police brutality spiralled. (Photo by Benson Ibeabuchi / AFP) (Photo by BENSON IBEABUCHI/AFP via Getty Images)
We’re leaving, but where’s the jet plane?Image: AFP

International airlines with bases in Nigeria are looking hopefully at the inauguration of Bola Tinubu as president on May 29th, since their fate may rest in his hands. They want the country’s new chief pilot to tell the central bank to let them have their cash. Of the $2.2bn in airlines’ blocked funds across the world, the wodge stuck in Nigeria, almost $800m, is the biggest, says the International Air Transport Association (IATA). That figure has doubled since September. Nigerians are frequent flyers, thanks in part to their huge, helter-skelter diaspora, but, unless the bank acts fast, frustrated airlines may make it harder for any of them to get anywhere at all.

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This article appeared in the Middle East & Africa section of the print edition under the headline “Grounded funds”

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