• Friday, June 21, 2024
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NAHCO targets N100bn in five years

NAHCO targets N100bn in five years

Seinde Fadeni, chairman of the Nigerian Aviation Handling Company Plc (nahco aviance) has said it is targeting N100 billion in the next five years.

The company said it has concluded plans to diversify its investment portfolio in order to create new jobs and contribute significantly to resolving the country’s foreign exchange crisis.

Fadeni, group chairman of the company, disclosed this at the weekend at the sidelines of the Annual General Meeting in Lagos.

He said the company was exploring new areas of investment in order to trigger a positive economic impact.

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According to Fadeni, the company is convinced that the food export holds significant potential for foreign exchange earnings because of its impact on the livelihoods and prosperity of many Nigerians.

He said though the company is navigating safely around the myriads of challenges confronting the air transport space, but urged the government to look at ways to improve airport infrastructure to keep pace with the future growth plan.

He said industry stakeholders have an obligation to look at implementing policies that support sustainable aviation fuel.

Fadeni said concrete targets should be set and steps taken to execute innovations that support the industry and the world’s net zero CO2 emission goals.

He said:” NAHCO believes that the government at the centre should work towards reducing the financial burden for airlines and passengers by reviewing applicable taxes. This way, more payees would be brought into the tax net. Not too long ago, the International Air Transport Association declared that Nigerian airports charge foreign airlines about 27 levies.

“This makes Nigerian airports the most expensive in the world discouraging airlines from flying into the country. This is not the kind of laurel Nigeria should be proud of. It is a disincentive to investment for both active and prospective investors.

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“The government should address this situation. Government should also heed the industry’s calls for the harmonisation of the regulatory environment, particularly at the ports in a way that aligns with global best practices. The nation’s Ease of Doing Business mantra should be in practice and not in theory only.”

Fadeni said as much as the company supports the Federal Government’s Renewed Hope Infrastructure Development Fund especially as it relates to the aviation industry and its plan to upgrade infrastructure at the airports, such a declaration should have an overall industry impact.