Aviation Sector Leads With N117bn Contribution To GDP In H1, 2022 – NBS

The aviation sector has contributed more to the Nigerian economy in the first half of 2022 with at least N117.3 billion, said the National Bureau of Statistics (NBS).

The NBS, in the Nigeria Gross Domestic Report Q2 2022 stated that the sector raised N84.7bn in the first quarter and N32.6bn in the second quarter.

When compared to the first half of 2021, the sector contributed N80.3bn comprising N53.8bn in Q1 and N26.5bn in Q2.

Increase in productivity in the sector was recorded despite a myriad of crises that have beset the sector since the turn of 2022.

Recall that airline operators have lamented the lack of access to foreign currency to procure airplane parts and foreign airlines not being able to repatriate their funds from air ticket sales. This is coupled with the rise in aviation fuel.

All this also led to a rise in ticket prices with the NBS noting that the average fare paid by air passengers for specified routes increased by 60 per cent in 2022 from an average of 37,000 to N70,000.

Recall that the Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Musa Nuhu, had in July stated that the sector was in financial crisis due to the impact of forex scarcity.

Similarly, the umbrella body for Nigeria’s domestic carriers, Airline Operators of Nigeria, said the crises would lead to disruption of tight schedules and suspension of operations by some airlines as was seen in the cases of Aero Contractors and Dana Air.

Meanwhile, the federal government through the Minister of Aviation, Hadi Sirika, had stated that it has no immediate solution to resolve the issues.