Official comment on Emirates action taken as a result of being unable to repatriate funds from the Nigerian Market.
dre aviation has been monitoring the USD repatriation issue from Nigeria closely over the last 18 months.
We have on many occasion forecasted that this will eventually result in foreign carriers pulling out from the Nigerian market, the spectre of higher fares for the travelling public, increased isolation from the world economy and an increase in unemployment in the aviation sector. Sadly, these observations and advisories are now beginning to manifest themselves.
Our above observations are well documented.
We are a non political organisation and have been observing the fallout of the eventual Emirates decision made last week.
We are particularly concerned at the rhetoric that has been aired in local media over the last few days especially from the AON representative who has openly claimed (on a number of broadcasts) that there is nothing wrong with foreign carriers purchasing hard currency on the black (parallel) market. We are wholly against these comments and believe they are misguided.
In no shape or form should any member of the international aviation community be forced to the black market to buy genuine funds to repatriate their home countries. This is ethically wrong and goes against everything that the Bi-Lateral Air Service Agreements stand for. Not only is the action illegal, this practise will lead to many pricing complications in the local market for foreign carriers which could see international airfares increase by 50 to 60 per cent with immediate effect.
Sadly, this is another example of ill informed opinions that make it to the mainstream media and manifest themselves as “facts”.
We are sure that the Government and Central Bank of Nigeria will take urgent action now that they appreciate the magnitude of the issue.
We urge all market participants to remain factual and understand the modalities of international aviation.
Ends.
dre aviation
Lagos/London
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