President of the National Association of Nigeria Travel Agencies (NANTA), Bankole Bernard, says that the organisation is beginning to record losses with the departure of foreign airlines, adding that there is fear that more airlines might quit flying the Nigerian routes.
Bernard while speaking in Lagos said the new forex policy and economic crunch are having enormous negative effects on travel agencies.
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According to him, travel agencies sold about $1.4 billion worth of air tickets in 2015.
Amid the low patronage, Bernard revealed that some of his members were beginning to consider relocating to Ghana, where the policies are consistent.
Policy inconsistency and naira devaluation are said to account for investors shying away from investing in Nigeria especially the unsavoury experience foreign airlines are going through in the country.
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Last year, the Central Bank of Nigeria introduced a fiscal policy restricting access to foreign exchange and funds transfer out of the country.
International Air Transport Association (IATA) estimates that no less than $600 million belonging to foreign airlines is stuck in Nigeria. The association appealed to government to ensure the immediate release of such funds.
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