Tinubu’s Forex Regime Major Boost For Aviation Industry – Okonkwo

The chairman of United Nigeria Airlines, Prof. Obiora Okonkwo, has said the current foreign exchange regime implemented by President Bola Tinubu’s administration has given aviation a significant boost.

Okonkwo, who stated this at the 2025 annual retreat organised for staff members of the airline, which marked the fourth anniversary of its maiden flight in Abuja on Wednesday, said the policies of the present administration have ended the nightmares of local operators.

He said the aviation industry had witnessed the domestication of several conventions by the present administration and the implementation of certain policies, which gave operators access to equipment without which they could not float.

The United Nigeria Airlines said that if the federal government continues in that direction, the aviation industry would achieve the $1 trillion economy the president was targeting.

“Recall that we had serious foreign exchange challenges before entering the system. We remember the trapped fund saga with the foreign operators, giving Nigeria a negative image and reputation. Do you recall our nightmare when we had to plead for foreign exchange from banks, and we would be given a forward allocation for three months that might end up being one year, it would surprise you to know that some of these forward allocations were given two, three years ago they haven’t been fulfilled up till today.

“That was the nightmare. We lost all the reputation that we had with our partners overseas. You had the naira, but you cannot meet the foreign exchange obligations.

Today, the foreign exchange regime implemented by President Tinubu’s current administration has had an impact. Some of these nightmares are over.

“Now we don’t have to wait for the banks to give us a date. You can source your foreign exchange from the official window if you have your naira. This has made a whole lot of difference. Now, we can pay our bills and obligations. These are facts.

“As I have always said, aviation is defined in dollars. If you don’t have access to it, you haven’t started. So this is one of the most significant gains.

We thank him for appointing the Aviation Minister, who, on his own, decided to support local operators. We are delighted that he is complying with all his promises and pledges to us. We are looking forward to the future with great excitement.

“We have witnessed in this administration the domestication of several conventions, the effort they have made to implement specific policies that are supposed to help lessors, and the giving us access to equipment because, without equipment, we can’t float this industry.

“We do not doubt that if they continue in this direction, the aviation industry will achieve the $1 trillion economy Mr. The President is targeting. It is in the world that the aviation industry has to equate it like a country. It’s about $17 trillion in GDP across the globe. It could be one of the 15th wealthiest countries in the world. It’s huge.

“The Nigerian portion of the cake is still tiny. It’s small because the local operators in Nigeria have not been fully supported. The way we are going beyond access to finance is for the government to consider a low-interest source of loans for the aviation industry.

“We don’t need grants and don’t want the government to give us money. Aviation is one all over the world and we are competing with other operators who have access to loans. If you have to go to the bank today, it should not be anything less than 30 per cent. The profit is very minimal.

“You can’t even survive with that. If this remains, it will continue to suppress our opportunity to maximise this beautiful policy of Mr. President in the aviation sector championed by Minister Festus Keyamo,” he added.

Okonkwo, who is eyeing the All Progressives Congress (APC) governorship ticket for the November 8 Anambra state guber polls, stepped aside from his role as airline chairman at the retreat and called for innovation, digital transformation and leadership development.