Connect with us

Travel

Nigerians Spend $4.66 Billion on Foreign Air Travels in 15 Months as Foreign Airlines Struggle with Repatriation

Published

on

Omicron

Nigerians have been on a spending spree, shelling out a whopping $4.66 billion on foreign air travels within a space of 15 months.

Analysis of the Central Bank of Nigeria (CBN) data between the first quarter of 2022 and the first quarter of 2023 has revealed.

During this time frame, foreign airlines purchased foreign exchange from the Central Bank of Nigeria to facilitate the repatriation of their earnings back to their respective home countries.

The data shows a significant surge over time, with $496.44 million sold in Q1 2022, soaring to $1.03 billion in Q2 2022, reaching $1.36 billion in Q3 2022, followed by $887.17 million in Q4 2022, and finally culminating at $890.3 million in Q1 2023.

This remarkable 79 percent increase between Q1 2022 and Q1 2023 reflects the growing trend of Nigerians seeking international travel experiences.

However, despite the size of the revenue, foreign airlines have encountered a considerable roadblock in repatriating their hard-earned funds.

Also read: Air France Suspends Bamako and Ouagadougou Flights Amid Airspace Tensions

In March, the International Air Transport Association (IATA) made an impassioned appeal to the Nigerian government to release trapped funds that have accumulated to a staggering $743.7 million as of January, compared to $662 million in December.

However, analysis shows that flying from Nigeria comes at a higher cost compared to other West African countries like Ghana and the Benin Republic.

The discrepancies in air ticket prices have been particularly noticeable for popular routes like Lagos to London, where passengers paid a staggering $3,295 for a one-way economy ticket, while their counterparts from Cotonou International Airport in Benin Republic paid a relatively lower $1,256 for the same journey.

Aviation experts have weighed in on the situation, emphasizing the need for Nigeria to establish at least three flag carriers to compete effectively with international airlines. By doing so, they believe that capital flight could be reduced, and the country could claim a more substantial share of passenger traffic.

As foreign airlines continue to grapple with the challenges of repatriation and airfares soar on Nigerian routes, it remains to be seen how the government will address these issues to sustain the momentum of international air travel while safeguarding the interests of both the airlines and the Nigerian travelers.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Travel

Air Peace Flight Makes Emergency Landing Due to False Fire Warning

Published

on

Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

Continue Reading

Travel

Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

Published

on

Alcohol

Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

Continue Reading

Travel

NCAA Suspends Dana Air’s Operations Amid Safety Concerns

Published

on

Dana Air

The Nigerian Civil Aviation Authority (NCAA) has taken decisive action following a recent incident involving Dana Air by suspending the airline’s operations amid escalating safety concerns.

This move comes in the wake of an unsettling event where a Dana Air plane veered off the runway upon landing at Lagos airport.

The incident, which occurred shortly after a flight from Abuja, prompted emergency responders and regulatory agencies to swiftly respond and ensure the safety of all 83 passengers and crew onboard.

While initial reports indicate no injuries, the occurrence raised red flags regarding Dana Air’s operational safety protocols.

In response, NCAA wasted no time in initiating a thorough investigation with the Nigerian Safety Investigation Bureau leading the probe.

However, pending the investigation’s outcome, the regulatory body opted for a precautionary measure by suspending Dana Air’s Air Operator Certificate (AOC) effective April 24, 2024, at 23:59.

The suspension, outlined in a letter signed by Acting Director Chris Najomo, aligns with Section 31(7) of the Civil Aviation Act 2022.

The Minister of Aviation and Aerospace Development, Festus Keyamo, expressed dismay over the incident.

In a letter addressed to NCAA, the Ministry directed the immediate suspension of Dana Air’s fleet until a comprehensive audit could be conducted, covering safety protocols, maintenance procedures, and financial health.

The suspension serves as a stern reminder of the aviation industry’s uncompromising commitment to safety and underscores the need for thorough oversight to safeguard passengers and maintain industry standards.

As stakeholders await further developments, the focus remains on ensuring the highest level of safety and regulatory compliance within Nigeria’s aviation sector.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending