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Coronavirus: aviation sector to lose N160 billion and 22,000 jobs.

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The disruption to air travel due to the continued spread of coronavirus will cost Nigeria’s aviation industry over N160.58bn (using Bureau de Change rate of N370 to $1) ($434m) in revenue and 22,200 jobs, the International Air Transport Association has said.

IATA said on Thursday that the country would also lose approximately 2.2 million passengers.

The association, an umbrella body for 290 airlines globally, had in early March projected 853,000 losses in passenger volumes and $170m loss in base revenues in Nigeria if the spread of COVID-19 continued.

In its country specific loss analysis, the IATA said since the end of January, thousands of passenger flights had been cancelled in Africa.

It added that the cancellations would increase exponentially with the implementation of additional measures in different countries.

IATA said, “International bookings in Africa are down roughly 20 per cent in March and April, domestic bookings have fallen by about 15 per cent in March and 25 per cent in April, according to the latest data.

“African airlines had lost $4.4bn in revenue as of  March 11, 2020. Ticket refunds have increased by 75 per cent in 2020 compared to the same period in 2019 (01 February – 11 March).”

The association said South Africa would also lose six million passengers, $1.2bn in base revenues and risk over 102,000 jobs.

source:PUNCH

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