African Airlines Record 22.1 Percent Growth in Revenue
African airlines recorded a 22.1 percent increase in Revenue for November 2023 compared to the same period the previous year, according to data released by the International Air Transport Association.
The report stated, “During the month under review, African airlines had a 22.1 percent rise in demand; however, capacity increased by 29.6 percent causing a 4.3 percentage point drop in the average passenger load factor to 69.7 per cent, the lowest among regions.
“In other words, on average, only 69.7 percent of the available revenue-generating seats were taken up in the market on each flight.”
Experts said the industry’s ability to attract more passengers and expand its capacity showcased a robust performance amid the challenges faced by the aviation sector.
The President of the National Association of Nigerian Travel Agencies, Susan Akporiaye, said that despite the high exchange rate affecting the industry with over 200 percent increase in airfares, the traffic in Nigeria was still high.
“The business for the airlines is still good because they have not stopped travelling. Nigerians are travellers; we are over 200 million. So, the travel requests are still very high…,” Akporiaye noted.
According to the Ministry of Aviation, the industry lost about N21bn monthly during the COVID-19 outbreak.
Analysts say it would take until 2024 for the situation in the aviation sector to improve.
IATA noted in the report that aviation’s rapid recovery from COVID-19 demonstrates just how important flying is, to people and businesses.
“In parallel to aviation’s recovery, governments recognised the urgency of transitioning from jet fuel to sustainable aviation fuel for aviation’s decarbonisation,” the report stated.
The Director General of IATA, Willie Walsh said, “We are moving ever closer to surpassing the 2019 peak year for air travel. Economic headwinds are not deterring people from taking to the skies.
“International travel remains 5.5 per cent below pre-pandemic levels, but that gap is rapidly closing. And domestic markets have been above their pre-pandemic levels continuously since April.”
Punch/Hauwa Abu
