Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the Federal Government for implementing policies that have fostered a conducive environment for domestic airlines to flourish.

Okonkwo said in a statement in Abuja on Saturday to mark the 4th anniversary of the airlines.

He said, unlike Nigeria, most African countries have airline industries dominated by government ownership and operation, with over 70 per cent state control.

While praising President Bola Tinubu for prioritizing the aviation sector, Okonkwo expressed optimism that Nigeria’s aviation sector can achieve its ambitious target of a $1 trillion economy, citing the government’s creation of an enabling environment as a key factor in this potential success.

He said: “The foreign exchange policy introduced since the inception of the President Tinubu-led administration has revolutionised airline operations in the aviation sector.

“There were challenges like access to foreign exchange and the trapped fund saga with foreign operators that gave Nigeria a negative image in the comity of nations.

“Some of these challenges faced by the sector were resolved by the president.”

According to him, domestic airline operators are now spared the ordeal of struggling to access foreign exchange from banks to settle bills and meet their international obligations.

He also praised the Minister of Aviation, Mr. Festus Keyamo (SAN), for implementing policies that safeguard the interests of domestic airline operators.

Okonkwo reminisced that United Nigeria Airlines’ maiden flight on February 12, 2021, coincided with one of the most turbulent periods in aviation history, marked by unprecedented challenges including the COVID-19 pandemic.

He appealed to the relevant authorities to consider introducing a single-window source of loans for Nigeria’s aviation industry, aligning with global best practices.

He also advocated a three percent loan interest rate for operators as against the 30 percent being charged by financial institutions in the country.

He said: “We have no doubt that if they continue in this direction, the aviation industry would achieve the $1 trillion economy that Mr. President is targeting.

“If you equate it to a country with about $17 trillion GDP. it might as well be about the 15th richest country in the world. This is huge.

“The Nigerian portion of the cake is still very small. It’s small because the local operators have not been fully supported.

“I still think that the government should consider a low interest regime for the aviation industry.

“If you have to go to the bank today, it should not be anything less than 30 per cent. The profit is very minimal.”

He said it was unfortunate that airline operators were competing with other entrepreneurs to access loans.

President Tinubu has been receiving a series of accolades from aviation stakeholders recently.

Persecondnews recalls that the Chairman and Chief Executive Officer of Air Peace, Mr. Allen Onyema, on Thursday December 12, 2024 commended the President for his efforts in implementing policies aimed at stabilising business operations across Nigeria.

Onyema, who met with President Tinubu at the State House in Abuja, commended him for making significant progress in easing business operations in the aviation industry.

He equally expressed optimism that the new reforms introduced by Minister of Aviation and Aerospace Development will successfully stabilize the sector.