Business
Aircraft Maintenance: Nigeria Lost N1.25 Trillion In 2021 To Other African Countries
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.
READ ALSO: Aviation Crisis: We Are Yet To Feel Impacts Of FG’s Intervention – Airline Operators
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
Naira Depreciates Against Dollar
The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.
Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.
This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.
READ ALSO:Naira Appreciates At Official Market
The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.
On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).
The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.
Business
JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price
Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.
Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.
The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.
On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption
On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.
He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”
He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.
His forecast of increased costs now appears spot on, considering the latest developments.
Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.
Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.
Business
Naira Appreciates At Official Market
The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
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