Nigeria loses US$2b to aviation sector

Over US$2b generated by foreign airlines, as well as funds expended by domestic airlines for aircraft maintenance, spares and emoluments for expatriate workforce, are repatriated annually The chairman/CE of Air Peace, Allen Onyema, who stated this, said that is part of the reason responsible for the continuous weak naira/ dollar exchange rate, adding that a weakened naira adversely affects the economy as it distorts the prices of goods and services. Onyema said the difficulty in repatriating airlines’ funds in the past should serve as a reminder that the country should evolve ways to reduce the amount of money repatriated, by empowering local airlines to operate international routes, and as well facilitate the establishment of maintenance, overhaul and repair facility in Nigeria. <br/>