Lagos: Prof. Obiora Okonkwo, Founder of United Nigeria Airline, has praised the Federal Government for fostering a conducive environment for domestic airline operators to flourish.
According to News Agency of Nigeria, Okonkwo expressed his gratitude while celebrating the airline’s fourth anniversary, highlighting that in contrast to many African countries where more than 70 percent of airline ownership and operations are government-controlled, Nigeria enjoys a free market environment.
Okonkwo lauded President Bola Tinubu for prioritizing the aviation sector and stated that the administration’s foreign exchange policy has significantly transformed airline operations within the country. He emphasized that challenges such as access to foreign exchange and the issue of trapped funds with foreign operators, which previously tarnished Nigeria’s global image, have been addressed by the President.
The founder noted that domestic operators no longer face difficulties in accessing foreign exchange through banks to settle bills and meet their obligations to international partners. He also commended Minister of Aviation, Mr. Festus Keyamo, for implementing measures that protect the interests of domestic airline operators.
Recalling the airline’s inaugural flight on February 12, 2021, Okonkwo described it as a particularly challenging period in aviation history due to the impacts of the COVID-19 pandemic. He urged relevant authorities to consider establishing a single-window source of loans for the aviation industry, in line with global best practices, and advocated for a reduced loan interest rate of three percent for operators, compared to the current thirty percent charged by financial institutions.
Okonkwo expressed confidence that continued support for the aviation sector could help achieve the $1 trillion economy target set by the President, potentially elevating Nigeria’s economic standing globally. He pointed out that despite these advancements, local operators still require greater support, particularly regarding access to low-interest loans.
He criticized the current situation where airline operators compete with other entrepreneurs for loans, highlighting that bank interest rates should not exceed thirty percent, as the profit margins in the industry are minimal.
