MD, Financial Derivatives, Bismarck Rewane
…harps on policy consistency to rebuild trust with global investors
By Sade Williams
Nigeria’s aviation sector lost a whooping $3.5 billion to poor infrastructure between 2020 and 2022, managing director, Financial Derivatives, Bismarck Rewane has said.
He made this revelation on Thursday at the 29th League of Airports and Aviation Correspondents Conference with theme: ‘Financing Nigeria Aviation, Risks, Prospects and Opportunities ‘ held at Providence hotel, GRA, Lagos .
According to him, policy consistency is however crucial for rebuilding trust with global investors and attract global aviation
He is also of the opinion that the Nigerian aviation sector is in need of consolidation to stem inefficient operations.
Rewane revealed that the air transport sector contracted by 0.81 percent in the first quarter of 2025, the 6th consecutive quarterly decline, attributing it to poor Infrastructure and low viability of Nigeria’s airports.
“Nigeria has 32 airports, only 20 were considered viable in 2024, and 92-96 percent of traffic flows through just four”, he said.
Rewane also revealed that Nigeria has 23 active domestic airlines, however only five airlines control 75 percent of traffic
“The industry is fragmented, domestic passenger traffic declined for the second straight year to 11.5 million in 2024. Due to poor infrastructure, Nigeria’s aviation sector lost $3.5 billion in revenue between 2020 and 2022.”, he said.
While cautioning operators against mismanagement, Rewane noted that with modern fleet, operations can be profitable with diversification. 
From left: COO of Murtala Muhammed Airport-Two (MMA-2), Mr. Remi Jibodu; Director of Finance and Account, Federal Airport Authority of Nigeria, Representing the MD of FAAN, Mr. Ayodele Olatiregun; MD/CEO, Medview Airline Plc, Alhaji Muneer Bankole; Representative of Kebbi State Governor, Mr. Habibu Kamba; Chairman, Association of AviationTraining Organization of Nigeria (AATON), Mr. Bankole Benard; Chairman, Air Peace, Dr. Allen Onyema; Chairman, League of Airport and Aviation Correspondents (LAAC), Mr. Suleiman Idris; CEO of CITA Energies Limited, Dr. Thomas Ogungbangbe and Representative of Former President Goodluck Jonathan, Mr. Ikechukwu Eze during the launch of the LAAC maiden edition Compendium during the 29th Annual League of Airport and Aviation Correspondents (LAAC) Conference Theme: Financing Aviation in Nigeria: Risk, Opportunities, and Prospects, at the Providence hotel, Lagos on Thursday
He urged other African airlines to take a cue from Ethiopian airline’s model which has be profitable due to fleet scale, diversification (cargo, leasing) and hub efficiency
“Profitable airlines tend to have modern fleets, strong operational autonomy, and diversified revenue streams while loss-making airlines often rely on government subsidies, operate in low-demand markets, and suffer from inefficiency or mismanagement.”.
On how the sector can be better administered, he called for a very strong and effective regulation for safety, adding that government should focus on policy and regulation rather than running airlines or building airports directly.
He also wants concessions and Public Private Partnerships’ to be prioritized for airport upgrades to aid national fiscal sustainability.
“There is also a need for a competitive hub system, preferably in Lagos, then Abuja, there should be investment in local Maintenance, Repair & Overhaul hubs capital”, he added.
