7 May 2020
The adverse business impact of the COVID-19 pandemic is currently battering the global aviation industry at an unprecedented scale. Virtually all commercial passenger planes in the world are grounded. The International Air Transport Association (IATA) estimates that the aviation industry globally will lose US$25 billion in 2020.
The Nigerian aviation industry is not spared of this bleak reality. According to the Airline Operators of Nigeria (AON), indigenous operators have lost N360 billion (approximately $1 billion) since the suspension of flights started. The impact of this hit is already being felt, as one of the leading airlines in Nigeria recently announced that 90% of its staff will proceed on indefinite leave without pay whilst the remaining 10% would take an 80% pay cut on their salaries/wages.