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Nigerian Aviation Industry gained recognition as one of Africa’s best

Hope rises for Nigerian airlines as FG assures lessors guarantee on their assets

Nigeria has taken center stage in Africa’s aviation sector, propelling the continent to new heights in the industry. A recent report from Forbes Magazine, released last week, has highlighted the prominent role of Nigeria alongside Morocco and South Africa in driving Africa’s rise in the global aviation scene.

According to the Forbes report, “Africa’s rise in the global aviation scene is spearheaded by Morocco, Nigeria, and South Africa.” Henry Al Helali, a Forbes Council Member, expressed his optimism, stating, “I believe Africa’s aviation industry is set for an upward trajectory, with Morocco, Nigeria, and South Africa leading the way. The continent’s growth in the sector reflects the combination of expanding economies, urbanization, and a burgeoning middle class with increased spending power.”

Africa’s increasing prominence in aviation can be attributed to its substantial engagement across various sectors, including private, commercial, and military aviation. Forbes acknowledged the promising future that awaits Africa amid this growth, stating, “These leaders are driving growth across private, commercial, and military aviation, presenting vast opportunities globally. The next frontier? Aircraft manufacturing, spanning private jets to military drones.”

Nigeria’s military aviation prowess was also noted in the report, ranking 36th globally and fourth in Africa according to the latest Global Firepower Index. However, it dropped one position compared to its previous ranking.

In the private sector, Nigeria boasts the third-highest number of business aviation jets in Africa, with 100 private jets operating in the country, following South Africa and Kenya, as reported by ATQ news.

Confirming Nigeria’s recognition as a leader in African business aviation, ATQ news highlighted that 100 private jets are currently operational in the country, underscoring the influential role of the private sector in Nigeria’s aviation landscape, positioning it closely behind South Africa and Kenya.

The African Business Aviation Association (AfBAA) estimates that Africa is home to up to 600 business jets. While China leads globally, Nigeria stands out as the second-fastest-growing market worldwide, boasting a larger number of private jets than even South Africa.

For entrepreneurs and businessmen, these developments present a unique opportunity to enter a rapidly expanding market brimming with possibilities. By investing in aviation-related ventures, such as aircraft manufacturing, they can shape the future of Africa’s aviation industry while capitalizing on its growth.

As Nigeria’s aviation sector continues to soar, driven by a growing middle-class population and a robust economy, the demand for air travel in the country is surging. According to the International Air Transport Association (IATA), “Air transport market in Nigeria is forecast under the ‘current trends’ scenario to grow by 174 percent in the next 20 years.” This growth is projected to result in an additional 9.4 billion passenger journeys by 2037, supporting approximately US $4.7 billion of GDP and nearly 555,700 jobs.

Read also: Downstream firms post 47% revenue growth in aviation fuel despite hurdles

Further investigations reveal that the surge in air travel demand will open doors for commercial airliner production. Businesses can now seize opportunities ranging from infrastructure development to airline services and aircraft manufacturing.

Forbes asserts that Nigeria stands out as a promising hub for global entrepreneurs. Helali, due to its perceived growth, predicts that the sector will drive increased demand and investments in airports, including expansion and new construction projects.

According to Forbes, besides Morocco, Nigeria, and South Africa, nations like Kenya, Ethiopia, and Egypt could emerge as pivotal aviation hubs. However, challenges such as political instability, regulations, and the need for a skilled workforce pose a threat to this expansion, emphasizing the importance of addressing these issues for sustainable growth.