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    Wednesday, July 4, 2018

    Stanbic IBTC to Support Aviation Industry Revamp

    Stanbic IBTC Bank has revealed plans to support the revamp of the nation’s aviation industry.
    The Chief Executive Officer, Stanbic IBTC Bank, Demola Sogunle, while speaking at the aviation industry breakfast session organised by the bank in Lagos, said the bank was better placed to reposition the aviation industry.

    According to him, the Nigerian aviation industry is facing significant challenges such as ageing aircraft, poor infrastructure, inadequate funding, safety and security issues, frequent flight cancellations, and inadequate manpower.
    He stated that the challenges were, however, opportunities and potential for the growth of the industry.

     “All these things that we regard as challenges are actually opportunities. There are huge potential in the aviation industry. We project 31 million passengers by 2034. With the right support, we see an opportunity for significant growth in the industry, especially in the areas of efficiency in airline utilisation, increased connectivity across the country, positioning of Nigeria as the regional hub of West and Central Africa,” Sogunle added.

    He said the bank realised that the growth of the aviation industry was critical to the growth and development of the economy.
    He added that the bank would be working with strategic partners such as the ICBC Aviation Leasing Company and other airlines to restructure the industry.

    Sogunle said, “It is our intent to support the aviation industry and its value chain, to take advantage of the emerging opportunities.”
    The Chief Executive Officer, African Aviation Services Limited, Nick Fadugba, stated that the aviation industry needed “intensive care and radical surgery.”
    According to him, airlines in Nigeria are weak, small and under-capitalised.

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