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The Economy & You

The Economy&You - Adefunke Adeyemi

Thu 21st Apr 2016

Civil aviation is a critical element in Nigeria's transportation system and indeed its economy. Nigeria has twenty (20) airports and many regulated airstrips and heliports; 23 active domestic airlines; 554 licensed pilots; 913 licensed engineers and 1700 cabin personnel. Nigeria being Africa's most populous country is an important destination for over 22 foreign carriers. This concludes that the aviation industry is indispensable to the socio-economic development of Nigeria and the growth of the sector would lead to greater gains for the overall economy. In recent years, domestic and overseas passenger traffic has risen steadily at an average of 10% per annum and Murtala Muhammed International Airport (MMIA) Lagos, the Nation's main gateway, accounting for over 60 per cent of the total passenger and aircraft movement. The consistent rise in passenger and aircraft has spun a thriving service industry. Despite the challenges airline operators in Nigeria face; such as high cost of operation and maintenance, insufficient financial resources and poor response to emergencies, the aviation industry is continuously growing and contributing to the nation’s GDP.

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