No Nigerian Airline in The List of 10 Best Performing Airlines in Africa 2022

• Recent forecasts have painted a glorious future for the airline industry globally as the economies recover from COVID-19
• According to the International Air Transport Association (IATA), the global airline industry is expected to grow in 2022 and 2023
• Also, air travel is projected to grow and spur more revenue growth for the industry globally

With the Nigerian government's launch of a national carrier, Nigeria Air, attention has shifted to other national airlines operating in Africa, including privately owned ones.

Unarguably, air travel is one of the hallmarks of a developed economy, aiding global interaction, commerce and international trade.

Nigerian airlines may miss out on IATA's revenue projection

The International Air Transport Association (IATA) projected that the airline industry would make a massive comeback as economies worldwide recover from the debilitating effects of COVID-19.

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According to IATA's projection, the industry losses will reduce to $9.7 billion from the October 2021 projection of $11.6 billion loss, a net margin of 1.2 per cent.

Also, IATA said that industry profitability for 2023 is achievable, with North America already expected to deliver about $8.8 billion in 2022.

The global airline body said that gains are improving yields and helping airlines to reduce losses despite rising labour and fuel costs.

Passenger revenue to increase in 2022

The body said that industry revenue is expected to reach about $782 billion, a more than a 54.5 per cent increase and that flights operated in 2022 are expected to amount to $33.8 million, an increase of 86.9 per cent compared to 2019, with 38.9 million flights.

Passenger revenues are also expected to account for $498 billion of total industry revenue, doubling 2021 revenue of $239 billion.

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Additionally, cargo revenues will account for $191 billion of industry revenues, a decline from the $204 billion recorded in 2021.

Some countries in Africa with robust airline industries will benefit from IATA's optimistic forecast in 2022 and 2023.

Here are the best-performing airlines in Africa

• Air Seychelles
• Fastjet
• Safair
• RwandAir
• Air Mauritius:
• Kenya Airways
• South African Airways
• Royal Air Maroc
• Ethiopian Airlines

Nigeria is world’s most indebted country to foreign airlines as funds kept in CBN hit $600 million

Recall that Legit.ng reported that Nigeria may lose the patronage of foreign airlines as it becomes the worst indebted country to foreign airlines globally.

The raging controversy over funds trapped in the country may snowball into a stalemate as $600 million trapped in the vaults of the Central Bank of Nigeria has become the highest owed by any country in the world.

According to the Tribune, as of March 2022, the trapped fund was $285 million.

Source: Legit.ng