Stakeholders in the aviation industry are concerned over the inability of foreign airlines to repatriate their revenues, The Punch newspaper reported.

The stakeholders said that the trapped funds will likely stall the sector’s contribution to Nigeria’s gross domestic product (GDP).

The International Air Transport Association (IATA) said last week that the amount of airline funds for repatriation being blocked by governments in more than 27 countries and territories is close to $2 billion.

Nigeria leads the top five markets with blocked funds worth $551 million, followed by Pakistan ($225 million), Bangladesh ($208 million), Lebanon ($144 million) and Algeria ($140 million).

According to Olumide Ohunayo, secretary-general of the Aviation Round Table, travel agents have laid off staff and businesses have folded up due to airlines’ inability to repatriate their funds.  

He added that the non-remittance hindered foreign direct investment in the aviation industry.

(Editing by Cleofe Maceda; Cleofe.maceda@lseg.com)