Aviation fuel: Nigeria loses N110bn to Benin, Ghana annually

Except fuel marketers improve on their aviation fuel supply chain, the aviation industry would continue to fail to meet up with over one billion litres of Jet A1 needed for the sector annually.

At N220 per litre cost, 500 million litres demands could not be met last year. Consequently, the sector loses over N110 billion to neighbouring Lome, Benin and Accra, Ghana as Nigeria can only supply 500 million litres of fuel to airlines.

The remaining 500 million litres are sourced by airlines in the neighbouring countries annually occasioned by scarcity and high cost of the commodity in Nigeria.

Aside that, the International Civil Aviation Organisation (ICAO), the global aviation regulatory body, has also projected that Nigeria will need two billion litres of jet A1 annually by 2030, occasioned by rise in travelling public.

Because of scarcity that had dogged the sector, most foreign, domestic and cargo airlines fly across the borders to buy, coupled with reduction in price of Jet A1.

New Telegraph, February 5, 2018

 

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