Neglecting Nigeria's Aviation Sector Comes at Great Risk

Life in Nigeria is becoming increasingly unbearable for the majority of its citizens, particularly the middle and lower classes, who are struggling with economic hardships. These difficulties have led to hunger and despair, while the political class appears to have an abundance of funds to spare. The harsh economic conditions are taking a toll on various sectors of the economy, and there seems to be little hope on the horizon.

One of the most alarming signs of economic distress is the exchange rate, with a single US dollar now equivalent to as much as N1,200. Additionally, the price of aviation fuel has skyrocketed, reaching between N950 and N1,000 per liter, depending on the supplier and the depot. These price increases have far-reaching consequences, particularly for air travel.

Air travel has become increasingly costly, with domestic and foreign carriers compelled to raise their fares in response to the economic challenges. For domestic flights, economy class tickets are now priced between N65,000 and N140,000, while business class tickets can go as high as N200,000 to N250,000, depending on booking time. Foreign flights have seen similar fare hikes, with a six-hour economy flight from Lagos to London ranging from N1.8 million to N3 million.

The consequences of these rising airfares are evident, as the desire of many Nigerians to travel by air is dwindling. The road transport system, riddled with insecurity and often hazardous, has become the only option for many, given the unaffordability of air travel. It appears that air travel will soon become a luxury exclusive to the affluent.

In the current Nigerian landscape, those who can afford air travel in these circumstances predominantly belong to the political class. Despite the ongoing economic hardships faced by the majority, politicians continue to approve significant public funds for themselves, justifying it as necessary for their "good cars and comfortable accommodations."

The shortage of foreign exchange (forex) in Nigeria, while not unique to the country, has significantly contributed to the troubles facing the aviation sector. This issue could be addressed with sincerity from the government. The more than $700 million in trapped funds of foreign airlines operating in Nigeria has led to unfavorable actions on their part, impacting regular Nigerian travelers.

The economic hardships and contradictions are glaring. While the political class is approving extravagant privileges for themselves, such as using public funds to purchase luxury vehicles, they struggle to release $700 million to foreign airlines and ensure the availability of forex for the aviation sector. This situation highlights the stark disconnect between the political elite and the everyday struggles of ordinary Nigerians.

Doing business in the Nigerian aviation sector has become a challenge. The number of aircraft is decreasing, and domestic airlines find it difficult to maintain their fleets due to a lack of forex. Foreign airlines are also grappling with the significant funds trapped in Nigeria.

The aviation sector plays a crucial role in connecting Nigeria with the rest of the world and contributes substantially to the national economy. Neglecting the sector's challenges, including the forex shortage, expensive aviation fuel, depreciating currency value, and the trapped funds of foreign airlines, could lead to the sector's complete collapse.

In the aviation business, no country can operate in isolation. Adhering to international standards and recommended practices is essential. Nigeria cannot afford to disregard this critical sector. Failing to address the challenges could have devastating consequences and jeopardize the future of aviation in the country.