Global Airlines Fancy Profits In 2023, But Outlook Gloomy For Nigerian Carriers

Global Airlines Fancy Profits In 2023, But Outlook Gloomy For Nigerian Carriers

Author: Africa Business Radio August 8, 2022 Duration: 35:14
News Express
Business
Global airlines are expected to post a much lower aggregate loss this 2022, a year already in H2.
The International Air Transport Association (IATA) revised the loss down to $9.7 billion, a sharp improvement from an earlier $42.1 billion, with global carriers expected to begin to see profit by 2023.
According to IATA, forecast yields, a proxy for airfares, will rise by 5.6 per cent this year globally. However, some aviation industry experts who spoke with Business A.M. are doubtful if the expected global positive scenario will rub off on Nigerian carriers, who are highly indebted and struggling with cost pressures from workers’ salaries, rising fuel prices –Jet A1–, rising aircraft maintenance costs, amid the worst inflation in many years, and a depreciated naira.

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