Nigerian airlines need single-digit interest loans: Expert

Victor Olorunyomi, Chief Executive officer of Copterjet International, an aircraft and equipment leasing solutions firm, has urged banks to give airlines single-digit interest loans to survive the aviation industry turbulence.

On Thursday, during the inauguration of the company’s logo at Murtala Muhammed International Airport, Lagos, Mr Olorinyomi identified operational incompatibility and poor financial management as major challenges facing domestic carriers.

He explained that the company was out to address the challenges of fulfilling airlines’ financial obligation to the lessor in leasing aircraft.

According to him, the company will close the gap, making it difficult for airlines (lessee) to fulfil their obligations after leasing aircraft.

“Our coming marks the beginning of a new dawn and also a historic event in the aviation sector,” he said.

Mr Olorunyomi further mentioned that the company would be willing to work with the private and public sectors and local and foreign financial institutions to rebuild the aviation industry.

“Copterjet International is in support of making aviation the driver of the Nigerian economy, and to achieve this, stakeholders must initiate and collaborate with one another. As a nation, if we must drive the economy, we must initiate collaboration to move the industry forward,” he explained. “We must drive the aviation sector to propel other sectors of the economy. “Airline operators must be given the necessary support such as single-digit interest loan to thrive. Also part of the challenge facing airlines in the country is operational incompatibility and poor financial management.”

Mr Olorunyomi lamented the lack of corporate governance among Nigerian airlines, which might bring about disaster.

He then advised domestic airlines to review their business models, continually develop robust strategies and re-appraise their business to survive in the industry.


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