The National Association of Nigerian Travel Agents (NANTA) is advocating for the release of $19 million in trapped funds of foreign airlines to stabilize fare pricing in Nigeria.
NANTA president, Yinka Folami, praised the Central Bank of Nigeria (CBN) for clearing 98% of the trapped funds and urged foreign airlines to reciprocate by reducing fares and collaborating to retain Nigerian travel trade opportunities.
Folami also lauded the federal government and its agencies for swiftly resolving the issue.
He stressed the need for continued cooperation between the Minister of Aviation and Aerospace Development, Festus Keyamo, and the Inter-Agency Committee on Review of Airfares and Good Practices to maintain stability.
The International Air Transport Association (IATA) has joined in urging Nigeria to address the trapped funds issue, emphasizing the importance of sensitivity to point of sales issues and market dynamics.
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Folami underscored the significance of supporting government efforts and fostering mutual commitment to shared objectives for sustained progress.
