Airlines’ blocked funds: Travel agents fret over $500m revenue, 721,000 job losses

The National Association of Nigeria Travel Agencies (NANTA) yesterday raised an alarm that the government’s indifference and unfair practices by foreign carriers have led to about $500 million revenue loss and 721,000 job cuts. President of NANTA, Mrs. Susan Akporiaye, stated this at a briefing in Lagos. There has been a controversy over the trapped […]

The National Association of Nigeria Travel Agencies (NANTA) yesterday raised an alarm that the government’s indifference and unfair practices by foreign carriers have led to about $500 million revenue loss and 721,000 job cuts.

President of NANTA, Mrs. Susan Akporiaye, stated this at a briefing in Lagos. There has been a controversy over the trapped funds belonging to foreign airlines which is now over $700m despite two releases from the Central Bank of Nigeria (CBN) late last year.

But NANTA which has always cried out over the trapped funds stated that the Nigerian travel market has continued to be at the losing end.

She lamented that the airlines remain indifferent to the plight of travellers and called on the government to be strategic, deliberate and direct in resolving the issue which she noted might soon cripple the air travel sector in the country.

Akporiaye said, “As we speak, it is only in Nigeria that a traveller is made to cough out over two thousand dollars for an economy ticket and also change the date of the flight itinerary for whatever personal reasons with about N1.5m to N1.8m.

• Cancer kills 700,000 Africans every year – WHO
• Sickle cell patients ask Kebbi assembly to pass bill

“Nigeria is at a disadvantage since the airlines seem to have mastered the art of exploiting the forex issue to their advantage.

“Agencies are now forced to fold, leave the country or try to use other neighbouring countries to sell to their customers.”

She said if left unchecked, the situation will add to the unemployment challenge that the federal government is tackling.