The Nigerian aviation industry has experienced a significant setback due to a crippling foreign exchange crisis, leading to a drastic reduction in the number of operating aircraft.

From a peak of 107 airplanes, the current fleet has dwindled to 44, with 63 commercial airplanes either grounded within the country or undergoing maintenance checks abroad. This 58 percent drop reflects a grim reality, even with an increase in the number of scheduled airline operators.

Notable carriers include Max Air, Overland Airways, United Nigeria, Air Peace, Aero Contractors, Arik Air, Dana Air, Azman Air, Green Africa, Ibom Air, Value Jet, and NG Eagle. Industry stakeholders are calling for the Federal Government to address the foreign exchange scarcity, as the industry is witnessing the collapse of businesses and impacted airlines' ability to conduct necessary maintenance checks.

Aero Contractors CEO, Capt. Ado Sanusi, emphasizes the economic challenges, citing a 30% increase in the exchange rate and a 20% rise in spare parts costs. Aviation analyst Simon Tumba attributes the industry's woes to forex crisis and rising importation levies by the Central Bank of Nigeria (CBN). Fleet retention becomes difficult, affecting airlines' capacity to maintain and expand their fleets.

Stakeholders, including airline operators, aviation analysts, and industry experts, are calling for urgent government intervention to revive the sector. The current economic environment, marked by inflation and a depreciating naira, has left businesses, including airlines, in dire straits.