Forex Market IlIiquidity Making It Difficult To Release Trapped Funds To Emirates Airline—Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed why the United Arab Emirates visa ban might be prolonged.

Keyamo during the 7th African Aviation Summit in Abuja, said it was crucial for airlines operating between Nigeria and the UAE to have reciprocal rights as per the Bilateral Air Services Agreements.

THE WHISTLER had earlier reported that airlines operating in Nigeriae has been directed to sign a bilateral maintenance agreement.

This agreement means that original equipment manufacturers of the fleet must assist in the setting up of its maintenance centre in the country, where maintenance of the fleet would be carried out.

Keyamo while revealing details of the UAE ban and issues of trapped funds said the route has to be restarted as it has been dormant for a while.

He said, “We are working the details out. When two countries agree at the very top level, then of course, all the government operatives will begin to work out the tiny details. So, we are beginning to work out all the tiny details. I met with Emirate before I left UAE, I met with Etihad before I left UAE and we are working out the details.

“The time frame, we cannot say the time frame. Kicking off an airline operation again on a route, it is not that you will go and grab one empty plane sitting in a place. There is no idle plane sitting anywhere, they have to reschedule their flights, restart their routes again, and all kinds of things.

“All kinds of permission will be taken from local authorities and of course, I made the point in speaking with them and I made it clear that they will have to give our airlines reciprocal rights under our BASA. That is the point I insisted on, and they did say that any spot we need, they will give us as much as we give them those spots within Nigeria.

“Mr President is very concerned about that, in fact, it is one of the issues we went to discuss in the UAE. I spoke with the minister of finance and the coordinating minister of the economy and he has given an indication that within the next few weeks, the Central Bank of Nigeria will be very clear as to the program within which these issues will be addressed.

“They will be paid off; these are not loans, they are trapped funds, they are funds that are there, it is only the issue of liquidity that is our problem. The issues of liquidity are being addressed as I speak right now.

“It is something that the president is very concerned about, and that issue, I said that we have addressed it in the UAE and very soon, you will hear from the financial sector.”

Keyamo reiterated that efforts were being made to ensure that the funds of foreign airlines were repatriated