The federal government in its efforts to improve the aviation industry has signed a Bilateral Air Service Agreement [BASA], this was done yesterday at the COP28 summit in Dubai. The signing has made Nigeria to be part of the 90 countries affiliating with Kuwait Air Services.
The agreement was said to mark an important relationship between Nigeria and Kuwait as well as boosting economic and aviation development.
The agreement highlights the Federal Government’s commitment to growing the nation’s global aviation presence and generating economic growth opportunities.
This development comes at a time when Nigeria is actively engaging with international partners to develop its aviation and aerospace capacities.
According to Keyamo, “The Federal Government continues to build strong international relationships,” and the bilateral air service agreements.
African airlines realized a 2.9 per cent boost, significantly strengthening the performance of September (-0.1 per cent). Carriers in the region saw their annual growth rate increase by 16.7 per cent, which was 9.8 per cent above the level of October 2022.
According to IATA’s global air cargo reports, there was a 3.8 per cent increase in global demand, while international operations saw a reduction of 3.5 per cent.
Capacity, as measured by ACTKs, increased 13.1% in October last year (12.1% for international operations), largely driven by belly capacity growth.
For instance, international belly capacity increased 30.5% year-over-year (YoY) on the back of strong passenger markets, according to the clearing house for over 300 international airlines.
IATA reported that econ oscill activities slowed down in October, and noted that with PMIs for manufacturing production and export orders below 50 for the major economies (except the US), there is a strong indication that economic challenges are on the horizon.
Meanwhile, inflation in the major advanced economies has moderated from its peak, reaching between 3% and 4% in the US and the EU respectively.
The IATA director General said the peak of yearly seasons will help the aviation sector to manage whatever the world economy in 2024 brings.
