Forex Concession To Airlines: NANTA Commends Aviation Minister, CBN

NANTA, President Bernard Bankole


… Says Decision Will Strengthen Confidence Level Of Airlines In Nigeria’s Economy

The National Association of Nigerian Travel Agents (NANTA) has commended the Central Bank of Nigeria (CBN) decision to grant Forex concession to foreign airlines.

NANTA’s commendation is contained in an online  statement jointly signed by President of the association, Mr Bankole Bernard and Publicity Secretary, Mr. Olumuyiwa Salami Adebayo  and made available to today.

NANTA particular hailed  the Minister of State, Aviation, Mr Hadi  Sirika for giving attention to the persistent  advocacy of the association to the effect that capital controls placed by government were stifling development in the aviation sector, making business difficult for airlines and reducing the capacity of Nigerians to embark on their legitimate travel business due to escalating air fares.

“We want to commend the Minister of Aviation and authorities at the Central Bank of Nigeria (CBN) for the forex concession that were recently granted to airlines. We are happy that our advocacy on the importance of government implementing favourable policies in the aviation sector is beginning to pay off.” the statement reads in part.

The body noted that this decision was bound to strengthen the confidence level of airlines in Nigeria’s economy and reverse all the drawbacks that the industry has suffered in the past couple of months.

It further noted that the concession would give room for the airlines to clear the backlog of un-remitted funds in various banks in Nigeria, which would invariably create opportunities for Nigerians to enjoy more affordable travel.

Travel agencies, NANTA stated would no longer be compelled to sell tickets  in dollars as experienced  in the earlier part of the year, adding that this would invariably reduce the cost of tickets

The association however advised that the Federal Government  to go further to take a few more steps that would ease doing business in the sector and give investors more confidence to come in and invest in Nigeria.

According to NANTA, “The Federal Government should focus on the domestic carriers by creating an aviation intervention fund to help them stabilise and compete with their peers in other markets. Government should also consider granting licenses to companies that intend to set up Maintenance, Repairs and Overhauling (MRO) facilities in the country as this would help in arrears of developing manpower, by offering training simulations to our personnel within the industry.”

NANTA assured the Federal Government of its   readiness to partner with it, its agencies and other professional bodies in the sector to build a world class aviation industry for the country.

According to NANTA, “We are convinced that aviation remains an important factor to the social economic development of the country and we are ever ready to play our part” recalled that NANTA had been in the forefront advocating that the Federal Government should make available a window for the foreign airlines to repatriate their funds to their respective countries.

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