Dubai-based Emirates says it will not be serving Nigeria effective September 1.
The Gulf carrier says this is because it has been unable to repatriate most of its funds from that nation.
Media reports say that it has so far been able only to repatriate US$85 million of the US$600 million which is trapped in Nigeria.
In a statement issued to local media the airline said:
“Emirates has been unable to repatriate funds from Nigeria despite many efforts with the authorities to find a viable solution.
“Regrettably there has been no progress. Therefore Emirates has taken the difficult decision to suspend Nigerian operations from September 1 to further limit losses that continue to accumulate in that market.
“We remain keen to serve Nigeria and our operations provide Nigerians with connectivity both to Dubai and our broader network of over 180 destinations.”
Readers in the UK might wonder why I run this news. It’s because our readership extends around the world.
Although anyone based in Europe is unlikely to fly Emirates to Lagos (via Dubai) the situation is quite different for those based in China, the rest of Asia and Australasia, for whom a Gulf routing may be the most convenient way to reach Nigeria.
As an aside this has happened in the past with other nations who were unwilling to lose valuable currency. It is not a problem unique to Nigeria.
But for a global airline like Emirates the losses are magnified by the high value of each ticket sold.
Just now I checked emirates.com for flights from September 1 and I find the inventory has been removed.
Finally bear in mind that this is a fluid situation. If Emirates can reach agreement with the Nigerian authorities then flights can be restored.
