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Stakeholders Canvases Creation Of Aviation Bank To Tackle Industry Challenges

LAGOS – Players in the Nigerian aviation industry have canvassed for the establishment of aviation bank in the country in order to properly address the multifaceted challenges confronting the sector in the country.

The pro professionals also challenged the Federal Government to minimise its interference in the running of aviation business in the country.

These were parts of the communiqué reached at the Quarter One Breakfast Business Meeting (BBM) held by the Aviation Round Table (ART) held in Lagos over the weekend.

Industry stakeholders in a communiqué signed by Dr. Gabriel Olowo, the President, ART, submitted that the challenges attributable to aviation financing could be frontally addressed through the creation of Aviation Bank where all the operators and auxiliary service stakeholders would participate in terms of contributions.

The stakeholders also said that through the establishment of this bank, the government should make provisions for single-digit interest loans, stressing that this would be easily accessed by the players.

Besides, the professionals appealed to the government to reduce its involvement in aviation business, arguing that the government should only provide the enabling environment for investors with maximum monitoring to ensure compliance.

It also said that the Nigerian Civil Aviation Authority (NCAA) should ensure effective enforcement of the industry standards by investors.

It said: “The session advocated minimal government involvement in aviation business in Nigeria. It opined that government participation be limited to the creating of an enabling environment, and regulatory duties for private sector businesses to thrive.

“To this end, the CAA is required to ensure the effective enforcement and oversight of the economic regulations in accordance with global standard recommended practices. The focus of the aviation sector in Nigeria should be consumer-centric for consumer satisfaction.”

The body also opined that in line with global best practices, aviation services should be declared as essential services by the government, stressing that through this declaration, much attention would be placed on the sector.

Besides, it said in order to ensure transparency in the execution of public policy, extant bureaucratic bottlenecks were to be curtailed by the government, adding that the sector should be oriented to drive tourism for the overall economic development of Nigeria.

“Aviation remains a veritable catalyst for a profitable hospitality industry and the generation of foreign currency as revenue for Nigerian aviation sector. Rail projects should be linked to airports in order to enhance multimodal transportation,” the communiqué added.

The body also called for the harmonization and utilization of aviation-related data in planning policies to ensure accuracy and avoid conflicting data from various government ministries, departments and agencies.

It also canvassed for deliberate efforts to build strong institutions rather than strong individuals as presently observed.

Rather, ART said preference should be given to competence and professionalism in the appointment of directors to various government agencies in the sector and allied departments.


Source: https://independent.ng/

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