The Dubai-owned airline will cut the number of flights to the commercial capital Lagos from 11 to seven per week, according to the letter, due to difficulties in repatriating revenues.
Emirates added that it had $85 million stuck in Nigeria as of July – a figure that had been rising by $10 million per month. In June, the International Air Transport Association said Nigeria was withholding hundreds of millions in revenue that international carriers operating in the country had earned.Nigeria gets roughly 90% of its foreign exchange from oil but it is struggling to produce due to pipeline theft and years of underinvestment.
Industry observers said more airlines could follow Emirates’ example if the central bank does not address their concerns. Amid similar foreign exchange restrictions in 2016, several airlines reduced flights and two stopped flying to Nigeria altogether.In a statement, Emirates said trouble repatriating funds was impacting its commercial viability in Nigeria and that efforts to solve the problem had been met with limited success.Share article
I have always hated Bitcoin and thought it was a scam until a friend referred me to Allison_Grillo, I made my first withdrawal of R100,000 in 2 weeks thanks to Allison_Grillo.
Greatest trader of all time James_Alderson8 I never believe it until I experience it For a start i deposited R50,000 to test the waters in 7 days I got a return of R500,000, he's diligence and honesty is undeniable. Thank you once again James_Alderson8