Foreign airlines in Nigeria threaten strike over dollar payments
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Foreign airlines in Nigeria are threatening to go on strike if the government does not allow them to repatriate their earnings stranded in the West African country. In total, the carriers want to receive $800 million, but the authorities have so far paid them only $61 million.
The Association of Foreign Airlines and Their Representatives in Nigeria criticized the actions of the country’s government. “We use money from other countries to provide services in Nigeria. If you don’t get paid, you won’t be able to work,” explained Bloomberg President of the association, Kingsley Nwokoma.
According to the agency, despite currency reforms and the devaluation of the Nigerian naira in 2023, Nigeria is struggling to attract foreign exchange inflows, resulting in a severe shortage of dollars. Carriers selling tickets for naira cannot repatriate these revenues in dollars and meet their spending needs. As Bloomberg clarifies, the naira has lost more than 50% of its value since 2023.
Nigeria’s aviation minister, Festus Keyamo, promised to help with payment delays after meeting with airline representatives in December and admitted the association needed more money. The head of the country’s Central Bank, Olayemi Cardoso, also promised to make efforts to resolve the situation.
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