Categories: BusinessTop Stories

Emirates Suspends All Flights to Nigeria from September 1 Over $85m Trapped Revenue

Emirates Airlines has announced the suspension of its flight operations to Nigeria, starting September 1, 2022.

The flag carrier of the United Arab Emirates (UAE) disclosed this in a statement on Thursday, citing the inability to repatriate its earnings in foreign exchange from Nigeria.

Last month, Emirates asked Hadi Sirika, minister of aviation, to support the repatriation of its revenue, amounting to $85 million. Nigeria is facing a forex exchange crisis and this has also affected the nation’s local currency — Naira — to depreciate against the dollar.

The airline said the suspension would “limit further losses and reduce the impact on its operational costs that continue to accumulate in the Nigerian market”.

“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,” the airline said.

“We sincerely regret the inconvenience caused to our customers, however, the circumstances are beyond our control at this stage. We will be working to help impacted customers make alternative travel arrangements wherever possible.

“Should there be any positive developments in the coming days regarding Emirates’ blocked funds in Nigeria, we remain keen to serve Nigeria, and our operations provide much-needed connectivity for Nigerian travellers, providing access to trade and tourism opportunities to Dubai, and to our broader network of over 130 destinations.”

In May, the International Air Transport Association (IATA) lamented the inability of foreign airlines to repatriate about $450 million in earnings

Of the amount, IATA said Nigeria alone is holding about $450 million due to a shortfall of foreign exchange (FX) and a dwindling reserve.

Sam Adurogboye, spokesperson for Nigeria Civil Aviation Authority (NCAA), in a chat with TheCable, pleaded with the government to help the airlines repatriate the funds.

Follow us on:

AriseNews

Recent Posts

Iran’s Supreme Leader Threatens ‘Crushing Response’ To US And Israeli Actions Amid Ongoing Tensions

Iran's Supreme Leader has warned the US and Israel of a "crushing response" following an…

2 hours ago

Kemi Badenoch Wins Conservative Leadership, Vows Party Renewal, A Return to Traditional Values

Kemi Badenoch has pledged to "renew" the Conservative Party and reclaim voters as she was…

7 hours ago

Peter Obi Criticises Court Ruling Halting Rivers State Funds, Calls for Reversal

Peter Obi has criticised the court ruling withholding funds to Rivers State, calling it disturbing…

13 hours ago

AGF Fagbemi Takes Over Prosecution of #EndBadGovernance Protesters Amidst Allegations of Treason

AGF Fagbemi has taken over the prosecution of 114 #EndBadGovernance protesters, addressing alleged treason and…

13 hours ago

NNPC, ONHYM Advance African Atlantic Gas Pipeline Project Amid Regional Collaboration

NNPC and Morocco's ONHYM has advanced the $26 billion African Atlantic Gas Pipeline, emphasising regional…

13 hours ago

TCN Restores Power Supply Through Gombe-Damaturu-Maiduguri Line

TCN has restored power on the Gombe-Damaturu-Maiduguri line, fully operational again after vandalism halted service.

13 hours ago