By Fiscal Posts
Chairman of Air Peace, Allen Onyema, has blamed the financial woes plaguing Nigerian airlines on a lack of financial discipline and integrity among operators, warning that such lapses make it difficult for them to access bank loans.
Speaking at the 29th Annual Lecture of the League of Airport and Aviation Correspondents in Lagos on Thursday, themed “Financing Aviation in Nigeria”, Onyema urged airlines to earn the trust of financial institutions by adopting transparent and responsible financial practices.
“Operators must first show financial integrity and discipline to win the trust of bankers,” Onyema stated, while commending Nigerian banks for being relatively liberal despite the industry’s shortcomings.
Calling on the Federal Government for urgent intervention, Onyema advocated for a dedicated forex window to ease dollar access for airlines, allowing them to maintain and lease aircraft more efficiently. He also pushed for indirect government financing options to reduce the burden of costly wet leases.
“Without structured support, Nigerian carriers will continue to struggle,” Onyema warned. He further stressed the need for airport infrastructure upgrades, noting that the absence of functional transit hubs—particularly at Lagos airport—was stifling growth. He, however, applauded the current Aviation Minister, Festus Keyamo, for initiating reforms.
Aviation consultant Chris Aligbe added that airline alliances could help boost funding, while economist Bismarck Rewane warned that the dearth of reliable data in the sector was a major deterrent for investors.
“Without credible data on passenger traffic and growth trends, no serious investor will touch the sector,” Rewane said.
Industry stakeholders at the event agreed that without immediate reforms in financing, regulation, and infrastructure, Nigeria’s aviation sector risks continued turbulence.