“In 40 years, more than 100 airlines have shut down.”

In a stark revelation about Nigeria’s aviation industry, the Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed that over 100 airlines have collapsed in the past 40 years.....KINDLY READ THE FULL STORY HERE▶

Keyamo made these remarks at Air Peace’s 10th-anniversary celebration, held in Lagos on Saturday, highlighting the challenges faced by carriers in the country.

“More than a hundred airlines have gone in the last 40 years,” Keyamo stated, referencing once-popular airlines like Concord and Bellview that couldn’t withstand market pressures.

According to the minister, Nigeria’s airlines rarely survive beyond a decade in good financial health. “If you look at the history of airlines in Nigeria, you’ll discover that it’s difficult for them to survive 10 years and still look healthy,” he explained.

He assured attendees that the government is keen on developing policies to create a sustainable future for the industry.

Keyamo attributed Nigerian airlines’ high mortality rate to systemic challenges despite the nation’s potential as a top air travel hub.

He pointed to findings from Boeing showing that Nigeria generates 80% of Africa’s domestic air travel, with the busiest Lagos-Abuja route. “We have the population, we have the traffic,” he emphasised. “So it is surprising that if we have this traffic, why are the airlines not surviving?”

Air Peace Chairman Allen Onyema took the opportunity to reflect on his airline’s decade of success, attributing its achievements to a vision rooted in national development rather than profit.

“Air Peace is a product of deep thinking and a desire to make a far-reaching impact in a country I love deeply. Profit was not the primary driving force behind its establishment,” Onyema said.

Keyamo commended Air Peace for its resilience, presenting it as a potential model for aspiring carriers in Nigeria.