Emirates Airline has announced that it will not be returning to Nigeria anytime soon due to the Central Bank of Nigeria (CBN) failing to make available 50% of the amount approved for clearing within the backlog of its trapped fund. In a press statement, Emirates stated that air services for Nigerian travellers will continue to suffer unless the federal government commits to delivering a concrete strategy for fund repatriation.
Emirates suspended operations to and from Nigeria five months ago, and during this period, the airline claims that there has been little progress in clearing the backlog of funds. The airline also claims that it has proposed several solutions and measures to recover its funds and has engaged in dialogue with government stakeholders and industry bodies. However, despite public assurances from the highest levels, solutions continue to be stalled.
The airline acknowledged that the wider aviation industry and the local value chain it supports in Nigeria face a similar market reality. However, unless there is a committed strategy by the local authorities to deliver concrete action, air services for travellers, businesses seeking global market opportunities, and investments critical to Nigeria's economic recovery will continue to dwindle.
Emirates called on the CBN to work with the airline to ensure the repatriation of its trapped funds and a swift return to Nigeria. The airline also stated that it remains committed to finding a mutual resolution with the Nigerian government and CBN to repatriate the rest of its blocked funds in a swift manner. Emirates urged the authorities to work with the airline hand in hand to ensure Nigerian travellers and businesses have unfettered connectivity and access to its global network.
Emirates' decision to suspend operations to and from Nigeria has had a significant impact on Nigerian travellers and businesses. The airline's global network connects Nigeria to other parts of the world, making it a critical player in the Nigerian aviation industry. Emirates' decision to suspend operations has also had an adverse effect on the Nigerian economy, as air transport is critical to the country's economic recovery.
The Nigerian government needs to take concrete steps to address Emirates' concerns and ensure that the airline returns to Nigeria as soon as possible. The federal government should work with the CBN to ensure the repatriation of Emirates' trapped funds and prevent future accumulation challenges and delays. The government should also engage in dialogue with Emirates and other industry stakeholders to address the challenges facing the aviation industry in Nigeria.
The Nigerian aviation industry is a critical player in the country's economic growth, and the government should do everything possible to support its growth and development. The industry has the potential to create jobs, boost tourism, and drive economic growth. The federal government should provide the necessary support to ensure that the industry thrives and contributes to Nigeria's economic development..