West Africa’s ground handling giant, Nigerian Aviation Handling Company Plc (NAHCO) said it is targeting a whooping N100 billion in the next five years in its investment portfolio just as it look forward to various diversifications in its business plans, its chairman, Dr. Seinde Oladapo Fadeni, has said.
The firm confirmed that plans have been concluded to diversify the investment portfolio in order to create new jobs and contribute significantly to resolving the country’s foreign exchange crisis.
Speaking weekend at the Nahco Annual General Meeting in Lagos, Dr Fadeni stated that the firm was exploring new areas of investment in order to trigger positive economic impact.
Though he said the company is navigating safely around the myriad of challenges confronting the air transport space, he urged the government to look at ways to improve airport infrastructure to keep pace with the future growth plan.
The NAHCO chairman said industry stakeholders have an obligation to look at implementing policies that support sustainable aviation fuel.
Fadeni said concrete targets should be set and steps taken to execute innovations that support the industry and the world’s net zero CO2 emission goals.
He said:” NAHCO believes that the government at the centre should work towards reducing the financial burden for airlines and passengers by reviewing applicable taxes. This way, more payees would be brought into the tax net. Not too long, the international Air Transport Association declared that Nigerian airports charge foreign airlines about 27 levies.
“This makes Nigerian airports the most expensive in the world, discouraging airlines from flying into the country. This is not the kind of laurel Nigeria should be proud of. It is a disincentive to investment to both active and prospective investors.
“Government should address this situation. Government should also heed the industry’s calls for the harmonisation of the regulatory environment, particularly at the ports in a way that aligns with global best practices. The nation’s Ease of Doing Business mantra should be in practice and not in theory only.”
Fadeni said as much as the company supports the Federal Government’s Renewed Hope Infrastructure Development Fund especially as it relates to the aviation industry and its plan to upgrade infrastructure at the airports, such a declaration should have overall industry impact.
He said though the year 2023 was characterised with multiple cost related challenges, the increased cost of handling an aircraft cannot be easily passed on the airline by ground handling companies because any proposed hike in rates would require the approval of the industry regulator – Nigerian Civil Aviation Authority (NCAA).
