- Dr. Gbenga Olowo, President, Aviation Safety Round Table Initiative (ART)
To avoid embarrassments from International Air Transport Association (IATA) on Nigeria, over increasing trapped funds of foreign Airlines in the country, an aviator of repute has suggested that the federal governmen should try the option of barter trade with countries of the affected airlines.
The suggestion was made to the Governor of Central Bank of Nigeria (CBN) Godwin Emefiele on Wednesday by the President of Aviation Safety Round Table Initiative (ART), Dr. Gbenga Olowo who reasoned that if the option of using crude oil in barter trading is legitimate, Nigeria can approach individual nation of the affected foreign airlines and exchange crude oil to setttle the issue of airline home remittance.
He added that doing this would avoid Nigeria the attendant embarrassments from IATA.
The President of ART recalled that former President Muhammadu Buhari once applied similar option when Nigeria had similar problem with Brazil.
” This ever growing Airline Home Remittance and its attendant embarrassment on NG by IATA, will it be out of place to think of barter? Engage the individual government of these airlines if they will pay the airlines in exchange for our crude if legit. Buhari, at his first coming, did barter trade with Brazil & co. For your consideration,” Olowo suggested.
