The National Association of Nigeria Travel Agencies (NANTA) has commended the Federal Government and its relevant agencies for their swift resolution of the vexing issue of trapped funds of foreign airlines in Nigeria.
According to the NANTA President, Yinka Folami, the association’s members and the Nigerian traveling public bore the brunt of the impact of the trapped funds, but the collective strategic intervention of the Federal Government through the Central Bank of Nigeria, the Minister of Aviation and Aerospace Development, the Nigerian Civil Aviation Authority (NCAA), and the Federal Competition and Consumer Protection Commission (FCCPC) has contributed to the current stability in the travel trade market in Nigeria.
He urged the laudable tone of equity and fairplay on the lips of the Aviation Minister, Mr. Festus Keyamo and the collaborative Inter-Agency Committee on Review of Airfares and Good Practices (NCAA, FCCPC, and NANTA) should continue for continuous monitoring and stability.
The NANTA president further urged the CBN to help clear the balance of $19 million owed the foreign airlines and expects the foreign airlines to reciprocate by being further receptive in lowering fares and working collaboratively to stop the migration of Nigerian travel trade opportunities to cross-border trading.
In a bid to propose a stronger and more enduring environment for stable growth of the market, Folami appealed to IATA to be more sensitive to the issues of point of sales and the worrisome shrinking Nigerian market, driven by the pattern of application of ROE by IATA, which perhaps unintentionally drives speculation, encouraging parallel market purchases and pressures on Naira, leading to the migration of Nigerian market.
“We believe and trust that IATA can be more circumspect and supportive to check these trends and also show commitment to supporting our government and our businesses as they have done elsewhere”.
The NANTA President emphasized that the government has lived up to its promises and deserves support from foreign partners to ensure that Nigerian people and businesses are treated with the same measure of respect and commitment to shared objectives.
The International Air Transport Association (IATA) has also commended Nigeria’s commitment to fully settle the issue of trapped funds of its members, appealing that the outstanding $19 million be sorted out and paid.
