Speaking at the 29th annual conference of the League of Airport and Aviation Correspondents in Lagos, themed “Financing Aviation in Nigeria: Risks, Opportunities and Prospects”, Rewane cited data from the Nigeria Civil Aviation Authority showing Air Peace, Arik Air, Ibom Air, United Nigeria, and Aero Contractors as the dominant players in 2024.
He noted that domestic passenger traffic fell for the second consecutive year, dropping to 11.5 million in 2024, while the air transport sector contracted by 0.81% in Q1 2025 — marking six straight quarters of decline. According to him, only 20 of Nigeria’s 32 airports were viable last year, with 92–96 per cent of traffic passing through just four airports.
Rewane attributed the downturn to poor infrastructure and inefficiencies, warning that the sector lost $3.5 billion between 2020 and 2022. He called for stronger regulation, prioritisation of Public-Private Partnerships for airport upgrades, and investment in local maintenance hubs, stressing that the government should focus on policy and oversight rather than running airlines directly.
In a related development, airline operators urged the Federal Government to create special foreign exchange windows to ease access to cheaper forex. Air Peace CEO, Dr. Allen Onyema, said multiple charges, inadequate infrastructure, and forex scarcity were stifling growth and shortening airline lifespans. He praised Aviation Minister Festus Keyamo for facilitating aircraft dry leases after years of industry blacklisting but stressed the need for financial discipline and stronger support to sustain progress.
