Nigeria’s domestic airlines are facing a severe crisis as more than 40 of their aircraft remain grounded, both abroad and within the country, due to a shortage of foreign exchange from the Central Bank of Nigeria. This shortage has hindered their ability to pay for necessary maintenance and acquire essential spare parts.
While over 30 airplanes are stranded overseas, around 10 more are grounded within Nigeria, all due to the inability to secure foreign currency for maintenance and parts procurement. Some operators are also struggling to replace old aircraft engines that have reached the end of their cycles.
The situation has raised concerns about potential disruptions in flight schedules, affecting passengers already grappling with limited airplane availability.
Air Peace, Nigeria’s largest carrier, is among those hit hardest, with approximately 15 planes stranded abroad. Other domestic airlines, such as Dana Air, Max Air, Azman Air, and Arik Air, are also facing similar issues, with over 25 of their aircraft grounded either abroad or locally due to the forex crisis.
Airlines are desperately seeking foreign exchange to cover foreign maintenance costs and secure spare parts. For example, Air Peace disclosed that it currently has about $14 million stuck in the Central Bank of Nigeria due to the scarcity of foreign currency.
Industry leaders have called for government intervention to save the domestic airline industry, emphasizing that the situation needs immediate attention. They argue that the Central Bank of Nigeria should establish a special forex window for the aviation sector to alleviate these challenges.
The forex crisis not only impacts the airlines but also passengers, as ticket prices may rise significantly. Industry experts believe that addressing this issue, along with refining fuel locally and establishing maintenance, repair, and overhaul facilities in Nigeria, can help stabilize airfares and enhance the aviation industry’s sustainability.
The airline officials have warned that the flight disruptions may worsen as the shortage of aircraft continues to pose challenges for the industry.