• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Foreign airlines made $1.1bn in Nigeria 2022 – Report

Airlines

The Matters Press by The Matters Press
May 24, 2023
Reading Time: 2 mins read
0
Nigeria, nine others fail to sign air market deal

Foreign airlines operating in Nigeria raked in around $1.1bn in 2022 despite foreign exchange challenges, The PUNCH reports.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The Chairman of the Airlines and Passengers Joint Committee of the International Air Transport Association, Mr Bankole Bernard, quoting a report, he stated that the $1.1 billion revenue generated from travel in Nigeria is expected to continue thriving due to the high demand for travelling within the country.

He expressed confidence that the figures will remain steady in the near future.

The Senate passed a resolution calling on the Central Bank of Nigeria to release $717,478,606 of airline funds that were trapped in the country.

The upper chamber also urged the CBN to allocate $25m to airlines operating in Nigeria at its fortnightly dollar auction.

Responding, Bernard stated that the Senate may not intervene, adding that the CBN had already shown disregard for the law by only complying with a court order to release the old notes.

“The CBN is not going to do anything. We find ourselves in any environment that is full of anarchy. Anarchy is a state of confusion where there is a total disregard for the law.

It took the court to summon CBN to comply with even releasing the old notes, and you now think the Senate will talk to them and they will listen. Let’s be sincere with ourselves and stop fooling around,” he argued.

When asked if some of the affected airlines might withdraw their services as a result of the trapped funds.

He said: “They cannot withdraw their service, unfortunately. They did not buy the aircraft for them to park. If they have somewhere more lucrative to take the aircraft to they will take it there. So, do not be deceived, it is because they still find our market viable irrespective of these challenges and that is the sincerity we must all face. Our market is viable that is why they are still coming. However, it does not mean that they do not have challenges.”

Bernard, who is also the Managing Director /CEO of Finchglow Holdings, disclosed that some of the airlines had started selling tickets in dollars, adding that the exchange rate for the conversion had gone up significantly.

“They have started selling in dollars. Not only are they selling in dollars, the exchange rate for the conversion has gone really high. It is 640/$, which is closer to the black market rate,” he said.

Also reacting, the spokesperson for foreign airlines in Nigeria, Kingsley Nwokoma, stated that unless the Nigerian government takes immediate action to repatriate the funds, airlines might be forced to leave the country.

Nwokoma emphasised that the demand for the repatriation of funds had been a long-standing issue among foreign airlines in Nigeria and the inability to access those funds had led to a significant impact on the airlines’ operations, profitability, and ultimately their willingness to continue operating in the country.

According to him, many airlines have currently either ceased operations due to the inability to repatriate their funds or cut down on the frequency of flights.

Nwokoma claimed that if the government does not immediately begin the process of repatriating the trapped funds, more airlines would leave the country.

Read more in the Punch

Tags: Airlines
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Fraud in banking sector, mostly insider instigated

50% African banks attracted to Tech adoption

NCAC advises youths against ‘Japa syndrome’

Minister inaugurates N2bn expanded aviation terminal

Recommended Stories

AfCFTA’s potential for enterprises dominates discussion

Experts validate Nigeria’s implementation strategies for success under AfCFTA

December 8, 2022
Bids roll in for Ajaokuta Steel Company

Food prices rose in September – NBS

October 31, 2023
Stakeholders unveil plan to upgrade catfish production

Fish farmers decry high production cost

August 15, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us