Foreign airlines in Nigeria are frustrated by the blocking of their funds
Will the new president urge the central bank to hand over the cash?
International airlines with bases in Nigeria are looking hopefully at the inauguration of Bola Tinubu as president on May 29th, since their fate may rest in his hands. They want the country’s new chief pilot to tell the central bank to let them have their cash. Of the $2.2bn in airlines’ blocked funds across the world, the wodge stuck in Nigeria, almost $800m, is the biggest, says the International Air Transport Association (IATA). That figure has doubled since September. Nigerians are frequent flyers, thanks in part to their huge, helter-skelter diaspora, but, unless the bank acts fast, frustrated airlines may make it harder for any of them to get anywhere at all.
Explore more
This article appeared in the Middle East & Africa section of the print edition under the headline “Grounded funds”
More from Middle East & Africa
Three big lawsuits against Meta in Kenya may have global implications
One was prompted by the murder of an Ethiopian professor
Trump should try to end, not manage, the Middle East’s oldest conflicts
And he should see the region as more than a source of instability and arms deals
Government by social media in Somalia
Cheap data, social media and creativity are filling in for an absent state
The Gaza ceasefire is stoking violence in the West Bank
Hamas and the Israeli far right both want to destabilise the West Bank
How Turkey plans to expand its influence in the new Syria
Its influence could cause tensions with the Arab world—and Israel
The start of a fragile truce in Gaza offers relief and joy
But the ceasefire is not yet the end of the war