According to the International Air Transport Association, as of September 2023, out of a total of $2.36 billion worldwide, $1.68 billion in airline money were stuck throughout Africa.
During the 55th Annual General Assembly of the African Airlines Association in Uganda on Thursday, Kamil Alawadhi, the Regional Vice-President for Africa and the Middle East, revealed this information.
He said that the development has hampered the expansion of international airlines on the continent.
According to him, operators have been in communication with African countries to guarantee the release of embezzled monies.
Out of the $2.3 billion in airline funds worldwide as of September, $1.68 billion were frozen in Africa.
“This has a devastating impact on connectivity, and the numbers are alarming,” he warned.
The Central Bank of Nigeria started clearing a $10 billion currency backlog to commercial banks and airline operators in the first week of November.