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Sunday, May 19, 2024

Nigerian Airlines, Others May Lose $700m In 2022 – IATA

By Adebayo Michael

International Air Transport Association says Nigerian airlines and others across Africa will lose $700 million in 2022 due to a combination of Russia-Ukraine war and COVID-19.

This was disclosed at the ongoing 78th IATA Annual General Meeting and World Air Transport Summit held in Doha, Qatar.

IATA said inflation, interest and exchange rates, would affect the growth of Aviation Industry globally, stressing that countries should learn from the COVID-19 pandemic.

Director General, IATA, Willie Walsh, said, “Governments must have learned their lessons from the COVID-19 crisis adding that Border closures created economic pain but delivered little in terms of controlling the spread of the virus.

With high levels of population immunity, advanced treatment methods, and surveillance procedures, the risks of COVID-19 can be managed. At present, there are no circumstances where the human and economic costs of further COVID-19 border closures could be justified.”

He listed risk factors to the aviation sector, including the war in Ukraine and COVID 19.

It also noted that the war in Ukraine would not escalate beyond its borders, but the rising fuel costs and a dampening demand due to lowered consumer sentiment would have a negative effect on the aviation sector.

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