A report presented by Bismark. J Rewane of Financial Derivatives Limited noted that a paltry 5% of Nigeria travel by Air, a contrast to the mushrooming Airports in Nigeria which are increasing yearly.
The report titled Death or Debt Traps, 21st Century Road to Economic Salvation, published by the Financial Derivative, noted that although Nigeria prides itself on 2238.80mn, while Brazil’s population could be pegged at 216.42mn, Nigeria’s domestic travel was 12mn, while Brazil domestic travel was 119.6mn.
Underscoring the challenge which might have been responsible, the report noted that: low income and purchasing power, expensive flight tickets prices.
For instance the minimum wage as at the time the report was published was N30,000, while average domestic flight for the month of May 2024 was 89,0000.
Other factors are; excessive charges and taxes which drive up prices. The report also noted that 42% of Americans will not this summer, up from 37% last year due to price concerns, 39% can not afford it, 32% says travel is too expensive right now, while 19% would rather spend on other things, although 7% are concern about the health risk associated, whilst 6% were concerned about travel disruption.
Accordingly, the report hinted that; Nigeria tourism sector is grossly underutilized and would require increased government attention, investment in training and infrastructure, quality control security, information systems, and removal of excessive charges and taxes.
Other measures to be taken are; increased cooperation with foreign airlines (codeshare agreement, private sector participation, development of tourism products, higher income and consumer purchasing power to boost air travel demand.
Again growth of the sector is favourable for increased employment, higher GDP and per capita income, as well as lower poverty.
It is instructive to note that Nigeria has 32 airports, 26 of which are operated by the Federal Airports Authority of Nigeria (FAAN), and five of which are functional international airports.
It also has a state-owned airport located in Akwa Ibom State. In addition, there are airstrips or airfields scattered around the country, built mainly by the Nigerian Air Force and multinational oil companies.
Nigeria has only one private-public partnership airport, operated by Bi-Courtney Aviation Services Ltd – Murtala Muhammed Airport Two.
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