National Association of Nigeria Travel Agencies (NANTA) has appealed to the Central Bank of Nigeria, CBN to over $450m trapped funds belonging to foreign airlines operating in the country. The association’s president, Mrs. Susan Akporiaye in a statement says, as at May, 2022, the trapped funds is estimated at over $450 million and that this issue reduces investor confidence in Nigeria. She said the current situation presents a real threat to the industry and the continuity of their business as travel professionals, bearing in mind the potential job losses and the attendant national economic losses as the world is gradually coming out of the pandemic era. She said they are worried that, foreign airlines may resort to taking out lower inventory in the system resulting in high cost of tickets from the Nigerian market. Explaining the implication, she stated that, for instance, a six-hour trip to London may attract a fare rate of about $2000 or more and also encourage tickets sold outside the country to flood Nigeria, thus affecting the survival of Nigerian travel agents and consequent loss of taxes and levies from such transactions.
