A report by the Nigeria Ministry of Aviation has shown that the aviation sector has lost over N63 billion to the ravaging effects of coronavirus pandemic.
The report said over 90 per cent of operations and activities were adversely affected resulting in monthly losses valued at N21 billion.
It also described the air transport value chain as the hardest hit by COVID-19.
The report said the effects of the virus on the sector has forced government to consider working out a recovery plan aimed at providing financial support where necessary to sustain air connectivity for passenger operations and cargo flights.
Apart from the stimulus package proposed for the industry, the report indicated that the government is rejigging its plans to fast track the establishment of a private sector driven national carrier, which is expected to generate significant revenue and contribute to Gross Domestic Product (GDP).
The project is expected to create activity in the wider economy for suppliers, importers, exporters and manufacturers.
“The objective and guiding principles is to save existing aviation industry organisations and jobs, through a targeted stimulus package as well as fast-track the establishment of a private sector driven national carrier,” the report said.
“There is need to strengthen the aviation sector so that it survives and creates job opportunities and supports general economic activity including transport logistics.
The report added that, “The project elements will include extend grant support, including pay roll support to the aviation industry including airlines, handlers, caterers and related services.”
