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Emirates to suspend Nigeria flights from September over trapped funds

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LAGOS, Aug 18 (Reuters) – Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday.

The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them.

The country has restricted access to foreign currency for imports and for investors seeking to repatriate their profits due to a shortage of dollars. Nigeria gets about 90% of its foreign exchange from oil, but is struggling to produce due to pipeline theft and years of under-investment.

The International Air Transport Association said in June Nigeria was withholding $450 million in revenue that international carriers operating in the country had earned. read more

Emirates said it had made no progress in efforts to initiate dialogue with the relevant authorities for their urgent intervention.

Source: MacDonald Dzirutwe | Reuters.com

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