Following the slow recovery of the aviation sector post COVID-19 pandemic, stakeholders in the sector converged in Lagos on Thursday to brainstorm on how to boost the sector.
Speaking during the October breakfast meeting of the Nigeria-South Africa Chamber of Commerce which was also part of activities to mark the 30th anniversary of Philip Consulting Limited, Chairman, NSACC, Osayaba Giwa-Osagie, said t the current economic situation, foreign exchange scarcity, rising inflation and inadequate infrastructure were some of the factors that were plaguing the sector.
Giwa-Osagie, said that to chart a new part for the sector, all the stakeholders have a role to play
He stated that the government must consider stimulus packages to support airlines to aid their smooth operations, adding that there was a need for the government to implement policies and develop infrastructures that would strengthen the sector.
Giwa-Osagie said, “Also stakeholders should constantly engage the government on ways to reposition the sector to be profitable and competitive. Air operators should adopt creative initiatives to help manage cost and build efficiencies.”
According to him, the aviation industry is a veritable tool for income generation and economic development in Nigeria.
He said, “The Nigeria aviation industry has grown in size, capital, investment, safety and quality management system. The sector is fundamental in facilitating trade, investment and tourism.
“According to the National Bureau of Statistics, the aviation industry contributed at least N117.3bn to Nigeria’s economy within the first half of 2022. The Bureau in its Nigeria Gross domestic report second quarter 2022, stated that the sector raised N84.7bn in the first quarter and N32.6bn in the second quarter.”
Also speaking, the Chief Operating Officeer, Ibom Air, George Uriesi, who was also a guest speaker at the event said domestic airline operators must be creative in accessing capital.
He added that the airlines need a level playing field to thrive.
Uriesi said that there was need for players in the sector to embrace good corporate governance in their day-to-day operation.
Article first published on the Punch Website