Rewane noted that Nigeria’s aviation sector is in decline.
LAGOS — Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, says five out of Nigeria’s 23 active domestic airlines account for 75 per cent of passenger traffic in the country.
Speaking at the 29th annual conference of the League of Airport and Aviation Correspondents in Lagos, themed “Financing Aviation in Nigeria: Risks, Opportunities and Prospects”, Rewane noted that Nigeria’s aviation sector is in decline.
Though he did not name the carriers, recent Nigeria Civil Aviation Authority data shows Air Peace, Arik Air, Ibom Air, United Nigeria, and Aero Contractors led passenger traffic in 2024.
Domestic passenger traffic fell for the second year to 11.5 million in 2024, while the air transport sector contracted by 0.81% in Q1 2025 — the sixth consecutive quarterly drop.
“We need very strong and effective regulation for safety; concessions and Public-Private Partnerships should be prioritised for airport upgrades,” Rewane said, adding that 92–96% of traffic passes through just four airports.
Air Peace CEO Allen Onyema urged the Federal Government to create special forex access for airlines, warning that infrastructure gaps, multiple charges, and currency scarcity threaten local carriers’ survival.