Nigeria: As Foreign Airlines Contend With Trapped Funds

1 September 2017

Lower crude oil earnings have led to scarce foreign exchange, which in turn has impeded the ability of international carriers to repatriate their revenues. Twenty months down the line, airlines that operate to Nigeria are still battling the federal government over full repatriation of their funds, writes Chinedu Eze

At the peak of the economic recession in Nigeria, the federal government held back about $600 million of revenues earned by foreign airlines in the country. Nigeria was not the only country hit by low prices of oil. Other countries that depend on oil revenues as the mainstay of their economy suffered similar woes as Nigeria.

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