Over 100 airlines have shutdown in 40yrs – Keyamo

In a sobering assessment of Nigeria’s aviation landscape, the Minister of Aviation and Aerospace Development, Festus Keyamo, revealed that over 100 airlines have failed in the past 40 years.

Speaking at the 10th-anniversary celebration of Air Peace in Lagos on Saturday, Keyamo underscored the myriad challenges that have plagued carriers in the country.

“More than a hundred airlines have gone in the last 40 years,” he stated, citing once-thriving airlines such as Concord and Bellview that succumbed to market pressures. Keyamo lamented that Nigerian airlines struggle to maintain financial viability, often failing to survive beyond a decade.

“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 noted.

The minister assured attendees that the government is committed to developing policies aimed at fostering a sustainable aviation industry.

He attributed the high mortality rate of Nigerian airlines to systemic issues, despite the nation’s potential as a significant air travel hub. Citing findings from Boeing, he emphasized that Nigeria accounts for 80% of Africa’s domestic air travel, particularly highlighting the busy Lagos-Abuja route.

“We have the population, we have the traffic,” he said, questioning why, given this demand, airlines continue to struggle.

Air Peace Chairman Allen Onyema took the stage to reflect on his airline’s decade of success, emphasizing that its growth is rooted in a vision for national development rather than mere profit.

“Air Peace is a product of deep thinking and a desire to make a far-reaching impact in a country I love deeply. Profit was not the primary driving force behind its establishment,” Onyema stated.

Keyamo praised Air Peace for its resilience, presenting it as a model for other aspiring carriers in Nigeria, illustrating that success is achievable even in challenging environments.