Emirates reported this Thursday that it will suspend its flights to Nigeria from September due to the inability to repatriate funds from the most populous nation in Africa.
The decision highlights the difficulties faced by international airlines flying to Nigeria, which is one of the largest markets in Africa for a number of them, Reuters reported.
→ Emirates resumed flights to London-Stansted.
The country has restricted access to foreign currency for imports and for investors seeking to repatriate their profits due to a shortage of dollars. Nigeria earns about 90% of its foreign exchange from oil, but is struggling to produce due to pipeline theft and years of underinvestment.
The International Air Transport Association said in June that Nigeria was withholding $450 million in revenue that had been earned by international carriers operating in the country.
Emirates indicated that it had not progressed in efforts to initiate a dialogue with the authorities for its urgent intervention.
→ Emirates launches multi-million dollar project to modernize its fleet.
“Emirates made the difficult decision to suspend all flights to and from Nigeria, effective September 1, 2022, to limit further losses and the impact on our operating costs that continue to accumulate in the market,” it said in a statement.
Emirates said it would re-evaluate its decision if the situation on the blocked funds changes in the coming days.
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