By Kasim Isa Muhammad
The Airline Operators of Nigeria have voiced serious concerns over the surging operational costs due to the unprecedented increase in aviation fuel prices, exceeding N1300 per litre.
According to a statement released on Friday by the spokesperson of the Airline Operators of Nigeria, Obiora Okonkwo, urgent government intervention is imperative to prevent the potential collapse of multiple airlines.
The airlines highlighted the adverse impact of fluctuating forex rates and the soaring cost of aviation fuel, which has disrupted operational planning and stability within the aviation sector.
Okonkwo, who also chairs United Nigeria Airlines, emphasized the detrimental effects of the sudden spike in fuel prices from N700 per litre and the corresponding rise in the exchange rate to N1400/$1, resulting in significant financial losses for airlines.
Furthermore, passengers who had previously purchased tickets at lower rates are now being transported at higher costs, exacerbating the airlines’ revenue losses.
Okonkwo underscored the broader economic challenges faced by businesses in Nigeria, leading to a decline in essential passenger traffic, particularly during off-peak seasons. He cited reduced travel for social engagements such as weddings and burials, as individuals opt for monetary gifts over flight tickets.
Asserting the vital role of air travel in economic development, Okonkwo stressed the urgent need for government engagement and support at various levels.
He lamented the erosion of airlines’ passion to remain in the industry, with some airlines on the brink of collapse and facing challenges in acquiring additional aircraft due to country risk factors.
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