LAGOS, March 16 (Reuters) - Nigeria is withholding $743
million in revenue earned by international carriers operating in
the country, the highest amount owed by any nation, a
spokesperson for the global airlines industry association said
on Thursday.
Nigeria faces severe shortages of foreign currency, leading
to restrictions on imports and meaning investors cannot convert
local currency to repatriate their profits.
International Air Transport Association (IATA) spokesperson
Katherine Kaczynska said governments around the world owed $2.2
billion to airlines. Nigeria had the highest amount of blocked
funds, followed by Algeria and Lebanon, which owed $165 million
and $146 million respectively.
"Enabling the efficient repatriation of revenues is critical
for any economy to remain globally connected to markets and
supply chains," Kaczynska said in emailed response to questions
from Reuters.
Dubai's Emirates suspended flights to Nigeria last year
after failing to repatriate ticket sales. Last month, President
Muhammadu Buhari directed the central bank to increase the
amount of foreign currency allocated to Emirates after speaking
to UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Emirates has yet to resume flights to Nigeria, which is
Africa's most populous nation and is responsible for a large
share of the continent's air travellers.
Industrial-scale theft of crude of oil, Nigeria's single
biggest earner of foreign exchange, has greatly reduced the
country's flow of dollars in the last year.
Apart from Nigeria's $743 million debt, Kaczynska said
countries under the West African Economic and Monetary Union
owed $132 million while Zimbabwe, which has perennial dollar
shortages owed $80 million.
(Reporting by MacDonald Dzirutwe; editing by Barbara Lewis)
macdonald.dzirutwe.thomsonreuters.com@reuters.net))
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