Rewane Says Just Five Airlines Handle 75% of Nigeria’s Air Traffic
Bismarck Rewane, the Managing Director of Financial Derivatives Company, has revealed that among the 23 active domestic airlines in Nigeria, just five dominate the local aviation market, managing 75% of passenger traffic.
Although he didn’t identify the leading carriers by name, Rewane highlighted that domestic air passenger numbers fell for the second consecutive year in 2024, dipping to 11.5 million. He also noted that the aviation sector experienced a 0.81% contraction in Q1 2025, marking the sixth straight quarter of negative growth.
Nigeria is home to 32 airports, yet only 20 were deemed viable last year. Additionally, an overwhelming majority—between 92% and 96%—of air traffic is funnelled through just four airports.
During a conference hosted by the League of Airports and Aviation Correspondents in Lagos, Rewane pointed to infrastructural deficiencies as a major challenge. Between 2020 and 2022, these shortcomings reportedly cost the aviation sector $3.5 billion in lost revenue.
Despite significant operational spending, Rewane lamented the decline in passenger traffic, stating that the expenses incurred are not reflected in usage. For context, Murtala Muhammed International Airport (MMIA) in Lagos processes 6.5 million passengers annually at $1.75 billion, while Dubai International handles 92 million passengers for just $4 billion.
He emphasised the need for reforms, including stronger regulation, increased public-private partnerships, and investment in local Maintenance, Repair, and Overhaul (MRO) facilities.
“We need very strong and effective regulation for safety; concessions and PPPs should be prioritised for airport upgrades to aid national fiscal sustainability and avoid inefficient operations,” he said.
Meanwhile, Mary Olowo-Sokeye, CFO of InterGuide Group, pointed out the subpar operational efficiency of Nigerian carriers.
“With Nigerian airlines averaging 48 per cent success rate compared to 81 per cent global standards, while there is growth in aircraft numbers and passenger numbers, challenges persist in meeting global standards,” she stated.
She noted that while more airports exist today than a decade ago, the aviation sector still needs considerable funding to meet compliance and compete globally.
