Nigeria off IATA’s blocked funds list, but Africa still holds two-thirds of global total

In Summary

Michael Wakabi For the first time in a decade, Nigeria has exited the International Air Transport […]

Michael Wakabi

For the first time in a decade, Nigeria has exited the International Air Transport Association’s (IATA) list of countries withholding airline revenues from repatriation. While this marks a major milestone for Nigeria’s aviation sector, the broader picture remains grim for Africa: the continent still accounts for the bulk of blocked airline funds globally.

According to IATA’s latest figures, USD 1.3 billion in airline revenues were blocked from repatriation by governments as of end-April 2025. Of that, a staggering USD 846 million—or nearly 65pc—is held in African countries.

The overall amount reflects a 25pc improvement from USD 1.7 billion in October 2024, but IATA Director General Willie Walsh says the figure remains troubling.

“Ensuring the timely repatriation of revenues is vital for airlines to cover dollar-denominated expenses and maintain their operations,” Walsh said. “Delays and denials violate bilateral agreements and increase exchange rate risks. Reliable access to revenues is critical for any business—particularly airlines which operate on very thin margins.”

He added that governments must honor international treaties by removing all barriers to the repatriation of revenues from ticket sales and other airline activities.

Liquidity crises, forex shortages, and in some cases, policy inertia or unwillingness to settle obligations have all contributed to the problem. Walsh warned that the longer this persists, the more fragile international connectivity becomes—jeopardizing economies and jobs in affected markets.

Africa and Middle East Dominate the List

Just 10 countries account for USD 1.03 billion—or 80pc—of all blocked funds. Mozambique now tops the list, withholding USD 205 million, up from USD 127 million in October 2024.

The Central African Economic and Monetary Community (CEMAC)—comprising Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon—collectively holds USD 191 million in airline revenues.

Other notable offenders include:

  • Algeria – USD 178 million

  • Lebanon – USD 142 million

  • Bangladesh – USD 92 million

  • Angola – USD 84 million

  • Pakistan – USD 83 million

  • Eritrea – USD 76 million

  • Zimbabwe – USD 68 million

  • Ethiopia – USD 44 million

Notably, Pakistan and Bangladesh, previously among the top five worst offenders, have made progress. Pakistan’s blocked funds dropped from USD 311 million to USD 83 million, while Bangladesh reduced its backlog from USD 196 million to USD 92 million.

Bolivia registered the most significant improvement, fully clearing its USD 42 million backlog from last year. While Nigeria’s removal from the list is a positive development, the Africa and Middle East (AME) region still accounts for 85pc of total blocked airline funds, or USD 1.1 billion.

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