The Federal Government has declared its willingness to investigate the reasons behind the approximately 100 airline closures The high airline death rate in the sector has drawn the attention of Aviation Minister Festus KeyamoAccording to FG, it is ready to put policies in place that would stop domestic airlines from going out of business too quickly
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Federal Government has stated that it is willing to look into why about 100 airlines have gone out of business in the past 40 years.
Photo Credit: FG, Contributor
Source: Getty Images
At the Ministry of Aviation and Aerospace Development Conference on the Cape Town Convention and Aircraft Protocol Implementation in Abuja on Thursday, Vice President Kashim Shettima made this announcement.
He also promised that the government would be prepared to implement measures that would prevent domestic airlines from going out of business too soon, according to a Punch report.
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Festus Keyamo, the minister of aviation, has voiced concern about the high airline death rate in the industry, pointing out that more than 100 carriers have failed in the previous 40 years.
“More than 100 airlines have gone in the last 40 years and I know you all remember. From Concord to Zenith to Bellview, among others. You will then ask yourself why they die off. I can keep mentioning them because I have their list with me,” Keyamo stated.
Keyamo reiterated that Nigeria has had a very high death rate of domestic airlines during his speech as the vice president at the conference in Abuja on Thursday.
“It behoves us now in office to find out why they went under and how we can ensure that it does not happen again. The only way we can do that is through policies and frameworks to ensure that they survive. We can’t keep giving them money. We must make the business conducive for them to survive.
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He praised local operators for their tenacity in the face of the harsh business climate and confirmed that the Cape Town Convention has been a game-changing legal framework that unifies disparate international legal systems to promote stability and predictability for aviation stakeholders.
Airlines adjust fares to South East, others
Henzodaily.ng reported that a few local airlines have hiked their fares to South-South and Southeast regions by over 100%.
A one-way ticket from December 18, 2024, would sell for about N287,000.
Ahead of the Yuletide, airfares usually increase due to high ticket demand.
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Source: Henzodaily.ng