In a stark revelation about Nigeria's struggling aviation industry, Minister of Aviation and Aerospace Development Festus Keyamo disclosed that over 100 airlines have collapsed in the past 40 years. Keyamo made these remarks during the 10th-anniversary celebration of Air Peace in Lagos on Saturday, emphasizing the significant challenges faced by carriers in the country.
"More than a hundred airlines have gone in the last 40 years," Keyamo stated, referencing once-popular airlines such as Concord and Bellview that failed to withstand market pressures. He highlighted that Nigerian airlines rarely survive beyond a decade while maintaining good financial health. "If you look at the history of airlines in Nigeria, you’ll discover that it’s difficult for them to survive 10 years and still look healthy," he explained.
The minister assured attendees that the government is committed to developing policies aimed at creating a sustainable future for the aviation industry. He attributed the high mortality rate of Nigerian airlines to systemic challenges, despite the country’s potential as a major air travel hub. Keyamo noted that findings from Boeing indicate that Nigeria generates 80% of Africa’s domestic air travel, with the Lagos-Abuja route being the busiest. "We have the population, we have the traffic," he emphasized, questioning why airlines struggle to survive despite this demand.
During the ceremony, Air Peace Chairman Allen Onyema reflected on his airline's decade of success, attributing its achievements to a vision focused on national development rather than profit. "Air Peace is a product of deep thinking and a desire to make a far-reaching impact in a country I love deeply," he stated.
Keyamo commended Air Peace for its resilience, positioning it as a potential model for aspiring carriers in Nigeria, as the industry seeks to navigate its numerous challenges.