Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
Last year, Nigeria’s aviation sector grappled with a lot of challenges ranging from hike in jet A fuel and airfare, regulatory, institutional and structural challenges. Others include challenges of poor infrastructure, poor access to financial incentives, inability to repatriate funds, as well as underfunding of Nigeria’s aviation industry.
Due to the challenges, some airlines, including domestic and international flights were forced to limit their operations across the country.
Highlighting some of these key issues and policies that impacted the aviation sector last year and projections for 2023, Chairman, United Nigerian Airlines, a professor of business at the University of Abuja Business School Professor Obiora Okonkwo said Aviation fuel, Jet A was a major issue because it was about this time last year (January) that the alarm was raised on the steady increase in price.
Foreign exchange also played a very major role, the sector was dealing with foreign exchange of about $500 to $1 at the parallel market and it was available even at the window.
But within a very short time it went to 600, 700, 800, chasing 900 to 1000. That was major. And then worst of all, until it became unavailable.
Mr Okonkwo said “They were a big shock to the aviation industry in Nigeria, And it only took the grace of God for us to continue to breathe.
“There’s really no comprehend in the world that would have survived such a combination.
“We were facing the depreciation of Naira locally. So that combination was actually very toxic. And obviously the logistic challenges that we also noticed brought about scarcity.
He added that more importantly was the unpatriotic approach of the marketers, the vendors and all who are involved in that cycle of importation distribution up to the pump of the aircraft.
Mr Okonkwo said, last year was not all bad because despite all those challenges towards the end of the year there was increased number of fleets.
Within the last two premieres there was influx of about 10 to 15 big body aircraft. The big one, including the one coming in from United, Nigeria Airlines, Greek.
He said “Some of our colleagues, the operators had their challenges. Some of them had to take out time out to reorganise themselves. Some of them had to get the hammer of the regulators. But in all, it is exciting and quite commending to say that operations have been very safe and it will continue to be safe because there is very high quality of regulation and operators are full of compliance that is required for safety”.
Speaking on the issue of federal government’s debt, Mr Okonkwo said the government is indemnifying all their debts and all their borrowing.
Most of windy operators of this industry in Nigeria had made it the fastest growing aviation sector in the whole world.
We have the highest recovery period after the COVID all over the world we’re only second to Colombia with a small margin.
He said “There’s no aviation industry that has recovered in any part of the world after COVID except without any support from the government.
“It’s because of the operator’s persistence and devotion, and all these shocks certainly would have brought about a low passenger increase in operational cost, which if you had to apply directly would have brought the tickets to be between $200 and $250,000.
“But we knew already the impact that could brought to the national economy and already masses who have been suffering. So we’ve been absorbing a whole lot of that. Instead of commendation, then we’re facing a threat of extinction” Mr Okonkwo added.
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