Emirates Airlines pulls out of Nigeria citing trapped funds to the value of $85 million

It doesn’t rain but pours for the Nigerian economy and this follows an announcement by Emirates Airlines to discontinue flying to and from the West African country in September. 
 
The Dubai-based airline says continuing to fly to the African nation comes with expenses and they have failed to repatriate the funds. 
 
Dubbed Africa’s most populous nation and one that can pull investors, the Nigerian economy has been dealt a massive blow with big airlines exprected to suspend routes. 
 
The country is known as a big producer of oil as they get 90% of revenue from it but are struggling to produce due to pipeline theft and years of under-investment. 
 
According to the airline, this was the most difficult decision to take and the suspension is expected to come into effect next month. 
 
“Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market,” it said in a statement as per SowetanLIVE/Reuters. 
 
Meanwhile, the International Air Transport Association (IATA) announced two months ago that Nigeria was withholding $450 million in revenue that international carriers operating in the country had earned. 
 
Emirates said it had made no progress in efforts to initiate dialogue with the relevant authorities for their urgent intervention. 
 
It is widely reported that the flight operator made attempts to reach out to the Nigerian government saying it could cut flights to Lagos this month because it could not get $85 million stuck in the country as of July, a figure that had been rising by $10 million per month. 
 
Emirates announced that affected clients would be helped to make alternative travel arrangements and would re-evaluate its decision should there be a change on the blocked funds. 
 
Main Image: Emirates Airlines/Twitter 
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