The Federal Government has been advised to review its present aviation policy in a bid to compete with its counterparts in the globe.
The government was specifically urged to adopt the establishment of an Aviation Development Bank (ADB), which could serve as a game-changer for the country’s aviation industry.
Capt. Samuel Caulcrick, the former Rector, Nigerian College of Aviation Technology (NCAT), Zaria, in an interview with journalists in Lagos, said that Nigeria needed to review its economic model while balancing the adaptations of Keynesian economic philosophy with neo-liberalism.
Calucrick, who is also the Chief Executive Officer (CEO), Merchant Express Cargo Airlines, explained that Keynesian economic policies, which emphasised the role of government in stabilising the economy and promoting growth, had been instrumental in driving China and other Middle Eastern countries’ economic successes over the years.
Calucrick emphasised that if Nigeria was to dream of taking its place in the global aviation market, a brilliant idea was to model the country’s aviation sector after the China Development Bank.
He argued that China and the Middle East had illustrated how government support could foster competitiveness and drive economic growth, particularly in a developing economy like Nigeria.
Caulcrick mentioned China’s Electric Vehicle (EV), semiconductor industry, Middle East’s Emirates Airlines, Qatar Airways and Ethiopian Airlines as examples of state-backed financing and subsidies, which had enabled China and the Middle East to thrive through the provision of low-cost capital and investment in modern infrastructure.
According to him, key objectives of ADB included aircraft leasing, which would provide financing options for airlines to lease aircraft, reduce the burden of upfront purchases and enabling them to focus on operations, adding that it would also support the creation of Maintenance, Repair and Overhaul (MRO) facility, which would facilitate the establishment of local MRO, create jobs and reduce reliance on foreign maintenance services.
Besides, he posited that the creation of ADB would further streamline aircraft types by encouraging airline operators to focus on a limited number of aircraft types, reducing maintenance and operational costs.
This, Caulcrick insisted, would also lead to financing aviation infrastructure by providing backing for airport development, air traffic control systems and other critical infrastructure.
“Benefits of ADB include increased Accessibility: improve air travel accessibility and affordability for Nigerians.
“Job Creation – generate employment opportunities in the aviation sector, including MRO, aircraft manufacturing, and airline operations. Economic Growth – contribute to Nigeria’s economic growth by increasing trade, tourism, and business travel.
“Reduced Capital Flight – minimise capital flight by reducing reliance on foreign aircraft leasing and maintenance services” he said.
He expressed that the government could set up the ADB as a specialised financial institution and provide initial capitalisation through funding, private sector investment or international partnerships.
He further opined that the bank could collaborate with international aviation organisations, aircraft manufacturers and financial institutions to access expertise, funding, and technology.
He added that the government could also develop a supportive regulatory framework to govern the ADB’s operations and ensure transparency and accountability in its activities.
“By establishing an Aviation Development Bank, Nigeria can create a robust and sustainable aviation sector that drives economic growth, job creation, and increased accessibility,” he added.