– These are dire times for the Nigerian economy

– Fourteen (14) foreign airlines have exited the aviation market

– The airlines were said to have lost N64 billion repatriating stuck funds


Fourteen (14) airlines have withdrawn their services from Nigeria due to low patronage and the bad economy being experienced in the country. According to The Guardian, the airlines are among the 50 that operated the Nigerian routes some months ago. Some of those listed are Spanish-owned Iberia airlines, United Airlines and Air Gambia among others.


The airlines were also said to lost about N64 billion in the wake of the new foreign exchange (forex) policy of the Central Bank of Nigeria (CBN). Speaking on the issue, president of the National Association of Nigeria Travel Agencies (NANTA), Bankole Bernard, said the new forex policy and economic recession came with enormous negative effect on travel agencies and airlines. Bernard, who spoke at the Aviation Round Table (ART) breakfast meeting held in Lagos recently, said there was fear that more airlines might quit flying the Nigerian routes.


He also revealed that some travel agencies are already considering relocating to Ghana, where “their policies are consistent.” He blamed the current administration for its inconsistent policy particularly on the naira devaluation, saying it accounted for the current “nightmarish” experience airlines and travel agencies are facing. The loss of N64b by the foreign airlines was on account of repatriating $800 million stuck in the economy in the last one year, but released after the recent devaluation of the naira. With the devaluation, the accumulated $800million from airlines’ sales of tickets when the exchange rate was still at N197 to $1, was taken out of the country at the new rate of N320 to $1. Consequently, a substantial amount was lost in the last couple of weeks.



Also speaking on the issue, the regional manager of British Airways, Kola Olayinka said that for every $1m repatriated since the new policy began, the airlines lose not less than N80 million. He said the immediate and unfortunate effect of the new policy is affecting all foreign airlines that had funds sitting in the Nigerian banks. President Muhammadu Buhari administration last year introduced a fiscal policy through the CBN, restricting access to foreign exchange and funds transfer out of the country. The policy has affected the International Air Transport Association (IATA) members with estimated $600 million belonging to operators in Nigeria stranded. The association has since appealed to government to ensure the immediate release of such funds to operators in the Nigerian aviation sector.


Meanwhile, ART President, Gbenga Olowo, said some airlines lost up to 50 per cent of their funds due to the forex policy. He appealed to government to be consistent in its policy and ensure that foreign airlines operators have an enabling environment. The CBN on Wednesday, June 15, officially announced a new foreign exchange policy. According to the CBN, the Nigerian currency has been floated, hence there will be a single market for acquisition of the foreign currency.


https://www.naij.com/919396-forex-hike-panic-14-foreign-airlines-exit-nigerian-aviation-market.html

14 already, and still counting. Sometimes, I wonder if we have a government in this country.

Buhari is a bas-tard..quote me anywhere

Bubu be like;

MadeInTokyo:
Buhari is a bas-tard..quote me anywhere

Zombies won't like this..
Prepare to strike.
Bubu be like;

MadeInTokyo:
Buhari is a bas-tard..quote me anywhere

I used to think Ibb was a Devil, remembering Sap, etc, but compared to Buhari, Ibb is a Saint.

Buhari is an epitome of Badluck

Jirate:


I used to think Ibb was a Devil, remembering Sap, etc, but compared to Buhari, Ibb is a Saint.

True talk my brother , IBB is saint where Buhari is.


Buhari is an Economic Disaster.

Ofemmanu1:

Zombies won't like this..
Prepare to strike.

I am ready for all those Sai Baba Zombies and their Afonjas, they should bring to on.


I have the antidotes for Buhari Zombies and Afonjas.

Useless government

14 comot, how many remain? Chaiiiii, buhari, this is how you underdeveloped Nigeria.

Very useless government . Imagine how many jobs would be lost as a result of these trial and error govt. Economic terrorism, the worst form of terrorism. Buhari is an economic terrorist.

Bbbbbbv

E go soon remain only bubu private jet wey go dey fly people abroad

Right now and every second Buhari keeps destroying Nigeria, do we fold our hands and continue watching our economy go the Zimbabwe way?

A question rational minds and not zombies should answer!

Nigeria is experiencing some major crazy shiit right now. Let's keep watching how this 'badluck' will turn...

What's tha business?

What will happen to Buhari's next trip... u want make the Boss track go Pakistan?

The government economic strategies have been catastrophic of late that we currently hope, and have to hope, for rainbows at the end of these storms.

As much as the government is a flaw, its acclaimed learned citizens are much worse, much more worse; they stress more on causatives rather than preventives. Won't we need more than a hand to clap?

It is not impossible that the whole of a government goes wrong at a time, but it is impossible the whole country is all wrong at a time. Public opinions should dwell more in addressing, at large, preventive measures.

When ever I wake up and read Nigerian news online. .


90% of the time, am like this

Nigeria leaders are the luckiest in the world. They are blessed with the largest number of zombies as followers.

And tell me, why nobody is resigning because of this.


Buhari ooo
#wailingveryclosetohisear

You hustle for power for God knows how long, now you are there, you are so dazed and confounded that the only thing you can do is chase rats while your house is on fire.

I would never understand what President Buhari's struggle was all about, when from the get-go, he never even had a plan for the country.

It's just so sad.

In sha Allah things will be better for my COUNTRY very SOON!

Where are the list of those AIRLINES?

FakeNews everywhere.

If you've been to the north, that's the way Nigeria will look like after Buhari have finished with you people. Next time you'll check where someone is coming from before voting him.

They have always been in power since independence yet they're the most undeveloped part of Nigeria

Nigeria is getting too hot... Time to relocate.
meanwhile, for those shouting "I stand by buhari, " ignore them oh, they are in USA , some are in UK.. they are not feeling the heat.. we in Nigeria are finding means to give him a knock on his head....

Warning... Never vote a military person for the post of a President, Military are mehn for battle field action while a Presido is meant to manage and direct the social and economic affairs of the country,,, don't sell your vote for recharge card come 2019...

I pity those ppl where dey use bleaching cream, as the price don cost na to return back to dudu amala"

Name the Airlines..



And this is the best time for the Nigerian Government to launch a Brand new National Airline/Carrier..







How can the 'so-called' giant of Africa not have a National Carrier?

By the time buhari finishes with nigeria..

Please,is it when nigeria gets to the point where you will need millions of naira to buy a toilet roll,where all the foreign investors have left our shores and the local ones closed shop and different militia groups fighting because of buhari's nepotism that we'll all know that buhari does not have anything to offer this country.
Note: he can't help because he simply does not have it. You can't offer what you don't have

Huhhhhh!!!!!!

My one annoyance is that even his much touted anti corruption fight has limitations.
U are not fight corruption well and the economy is disastrous.What then are u doing?!

Ok

Which kind yeye ogun state economics be this...food on the plate is better than fighting corruption.yeye government wey no go learn.even obasanjo with all his high handedness created a middle class,if all the foreign companies that are creating jobs that Nigeria cannot provide go ,nigerians should now start eating themselves,we are going back to 1984 while ghana is going to 2020

The Nigerian economy has now become snake and ladder!

This is very urgent

I need 2000$ cash urgently in my dollar account or via Western Union or money gram