LAGOS – Players in the Nigerian aviation industry have called for total overhauling of the sector’s policies in a bid to ensure growth and development in the sector.
The experts also reiterated their call for the establishment of a special aviation development fund, which is dedicated to funding of infrastructure development, safety enhancements and human capacity building.
Stakeholders stated these on Wednesday in Lagos during the South-West Regional Air Transportation Summit (SWRATS) 2024, hosted by the Nigeria Civil Aviation Authority (NCAA).
In his paper presentation at the summit, ‘Strategic Funding for Sustainable Growth in the Nigerian Civil Aviation and Air Transportation Sector: Regulatory Imperatives,’ Dr. Jekwu Ozoemene, Executive Director, The Alternative Bank, said inconsistent policy formulations and executions were militating the growth of the sector in all strata.
Ozoemene, also canvassed for the establishment of an aviation development fund, which is solely dedicated to funding of infrastructure development, safety enhancements and human capacity building.
Besides, he appealed to participants to encourage Public-Private Partnerships (PPP), channeled towards encouragement of private sector investment in airport infrastructure, air navigation services and aircraft maintenance.
He further called for the liberalisation of air transport policies in a bid to increase competition, efficiency, and innovation in the system.
He added: “Only way the aviation industry can work in Nigeria is to ensure that every value chain is working hand-in-hand. Nigeria can’t get its full potential if we fail to address the challenges in the aviation sector.”
Also, Mr. Oluseyi Ogunleye, a former United States Transportation Security Administration (TSA) Representative and Attaché to West Africa, in his paper: ‘Harnessing the Opportunities in Global Aviation and Air Transportation System for National Economic Growth and Development: Inclusive regulatory Dialogue,’ said that NCAA had a pivotal role to play in harnessing the vast opportunities presented by the global aviation transportation system to drive national economic growth and development.
Ogunleye, insisted that through an inclusive regulatory dialogue, the aviation industry in Nigeria could work collaboratively to overcome key challenges and unleash the sector’s full potential.
He added that by fostering innovation, leveraging technology and developing sustainable aviation infrastructure, Nigeria could position itself as a leading player in the global aviation landscape and attract foreign direct investment, promote both domestic and international air travel, stressing that forging strategic partnerships would be crucial in realising this vision.
He added: “The time is now for the Nigerian government, industry stakeholders, and the general public to come together and chart a bold, transformative course for the aviation sector.
“With a shared commitment to progress and a steadfast focus on national economic growth, the Nigerian Civil Aviation Authority can drive impactful change and unlock a prosperous future for all Nigerians. The call to action is clear: let us embrace the opportunities, overcome the challenges, and soar to new heights of aviation excellence.”
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Besides, Dr. Emeka Okengwu, Gulf Pole Concerns Limited, in his presentation, ‘Leveraging Global Aviation Finance Mechanisms Reminiscence of the Cape Town Convention,’ mentioned common financing models to include secured loan and export credit, operating leases, finance leases, tax leases, pre-delivery payment and facilities, securitization products, residual value guarantees, sale and lease back.
According to Okengwu, internal finance was generated from the cash retained in the business, or net profits.
He mentioned types of aircraft leasing as dry lease and wet lease options.
Okengwu also lauded the present leadership in the Nigerian aviation industry, saying they have shown capacity to place it on the global aviation market, maintaining that concerted efforts must be made to create the pathways into the global alliances if the Nigerian aviation sector would stand a chance of playing at the world stage.
