The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the aviation crisis, calling on the federal government to immediately consider involving the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation (NNPC) Ltd in making FOREX available for aviation fuel imports.
LCCI lamented that the crisis in Nigeria’s aviation industry has reached a problematic level as domestic airlines are faced with an astronomical hike in the price of aviation fuel, with the commodity rising from N300 per litre to over N800 per litre within five months.
Director General of the chamber, Dr. Chinyere Almona, said the systemic importance of air travel for the conduct of trade and commerce across borders; pointing out that the challenging operating environment has led to an unprecedented increase in airfares and continuous delays and flight cancellations by domestic airlines.
She disclosed that a more sustainable solution would be refining Jet-A1 fuel for local consumption; adding that the aviation sector qualifies for targeted financing to facilitate economic activities in the country, boost economic growth and avert an imminent recession.
“While the Government tackles terrorists, bandits, and kidnappers who have taken over major highways in the country, the Government must immediately consider involving the CBN and the NNPC in making FOREX available for aviation fuel imports,” she said.