Business

Aircraft Maintenance: Nigeria Lost N1.25 Trillion In 2021 To Other African Countries

Published

4 years ago

June 14, 2022

The Federal Airport Authority of Nigeria (FAAN) has revealed that Nigeria lost at least $2.5 billion (about N1.25 trillion) in the maintenance of its aircraft to foreign Maintenance, Repair and Overhaul (MRO) facilities in 2021.

Speaking on Tuesday in Abuja at the inaugural National Aviation Conferences (FNAC) organised by FAAN with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport,’ the Managing Director of FAAN, Capt Rabiu Yadudu, said that such capital flight would have been saved if the country had MRO facilities that could adequately cater for all types of aircraft.

To typically carry out C-check on Boeing 737 aircraft or its category, airlines spend at least $1.8 million and C-check is carried out on aircraft every 18 months.

Yadudu said that Nigeria’s potential in the global air transport industry is underutilised as Nigeria has the largest fleet of aircraft within the subregion.

”It was reported that Nigeria lost $2.5 billion (about N1.25 trillion) in MRO investments to neighbouring countries. Having such investments here would have created more employment opportunities for Nigerians, revenue generation and training of technical personnel for maintenance of aircraft,” he said.

”The interlink and value chain between the air transport, tourism and hospitality industry for economic growth cannot be over-emphasised. Today, the Eiffel Tower in Paris, London bridge, Dubai Mall, Burj Khalifa, the British Museum in the United Kingdom, etc, have all been consciously developed into major tourist attractions that drive passenger traffic to those destinations and by implication attract businesses and generate employments for the locals and foreigners alike,” he said.

Yadudu lauded the Minister of Aviation, Hadi Sirika, the Permanent Secretary, Directors of the Federal Ministry of Aviation, the Senate and House Committee Chairmen and other stakeholders for supporting the industry at all times.

Earlier, Sirika in his goodwill message, disclosed that President Muhammadu Buhari would at any moment from now sign into law the passed Civil Aviation Bill by the National Assembly.

He assured that with the president’s assent to the bill, the Nigerian aviation industry would grow rapidly, while more opportunities would also be created for all stakeholders and investors.
He pointed out that the Aviation Industry Roadmap as approved by the Federal Government was intentionally fashioned after the Public-Private Participation (PPP) model with the plan to grow the entire sector.

He challenged investors to tap into the myriads of opportunities in the sector, especially with the recently approved 12, hectares of land for implementation of the aviation roadmap by the Federal Capital Territory (FCT).

Some of the aviation roadmaps include MRO, Aviation Leasing Company, National Carrier, Aerospace University, Airport Concession and Aerorropolis amongst others.

“We are ready to pursue all the components of the roadmap. Every part of the roadmap has reached advanced stages and all would be delivered before the end of this administration. The aviation industry in Nigeria is a goldmine, but it is still a virgin.

”Globally, the core variables that sustain the aviation industry are safety and security. We must continue to sustain these in the country,” he stated.

SUN

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.