Due to Nigeria’s failure to repatriate millions of dollars of its funds, the Dubai-based airline Emirates announces it would stop operating all flights to the country as of September 1.
Emirates airline, located in Dubai, said on Thursday that all flights to Nigeria will be canceled starting on September 1 as a result of the West African nation’s failure to return millions of dollars of its funds.
Emirates airline, located in Dubai, said on Thursday that all flights to Nigeria will be canceled starting on September 1 as a result of the West African nation’s failure to return millions of dollars of its funds.
Due to Nigeria’s failure to repatriate millions of dollars of its funds, the Dubai-based airline Emirates announces it would stop operating all flights to the country as of September 1.
Emirates airline, located in Dubai, said on Thursday that all flights to Nigeria will be canceled starting on September 1 as a result of the West African nation’s failure to return millions of dollars of its funds.
The airline, which has been fighting to get it’s millions of dollars in income back from Nigeria, claimed in a statement that it made the “difficult decision” to stop future losses due to events “beyond our control.”
In July, Emirates declared that it had $85 million “awaiting repatriation from Nigeria,” a sum that was allegedly increasing by more than $10 million each month.
The airline said on Thursday, “Emirates has attempted every avenue to resolve our ongoing issues in repatriating monies from Nigeria, and have made great efforts to commence dialogue with the necessary authorities for their quick assistance to help find a viable solution.” Unfortunately, no progress has been made.
The Multinational Air Transport Association said in June that there were $450 million in unaccounted-for profits from other international airlines operating in Nigeria.
Emirates is not the only company with this problem. Sindy Foster, a Lagos-based aviation specialist, stated that all international airlines are in comparable situations and that the issue of trapped income has been “a recurring problem” since numerous airlines left Nigeria in 2016 due to a related problem.
According to government statistics released earlier this year, foreign investments in Nigeria have decreased by 81% over the last two years. Analysts are concerned that Emirates’ planned suspension of flights may frighten away investors from that country.
Despite being one of Africa’s top exporters of crude oil, Nigeria, the continent’s largest economy, is currently experiencing a crisis brought on by a lack of foreign currency. The country’s main source of foreign cash, oil production, has fallen significantly short of expectations this year.
Emirates announced in July that it would scale back its flight operations to Nigeria after making an unsuccessful attempt to “trim the losses by proposing to pay for fuel in Nigeria in nairas (which continues to decline against the dollar)”.”
Emirates stated that it will help passengers affected by the upcoming suspension of flights to Nigeria in arranging other travel arrangements and that it will reconsider the suspension “should there be any good developments.” “about the stranded money.
Despite being one of Africa’s top exporters of crude oil, Nigeria, the continent’s largest economy, is currently experiencing a crisis brought on by a lack of foreign currency. The country’s main source of foreign cash, oil production, has fallen significantly short of expectations this year.
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