Finance

Nigeria's ease of doing business raises Africa's air traffic by 7.5%

Nigeria's ease of doing business raises Africa's air traffic by 7.5%

Geneva - Law enforcement authorities must play a strong role to ensure there are suitable deterrents in place for those flying recreational drones to prevent danger to passenger aircraft, the International Air Transport Association (IATA) said.

In good news for airline investors, the industry's return on capital is expected to exceed its cost of capital for a fourth year in a row next year.

It said domestic demand increased by 7.2 per cent and capacity rose by 6.6 per cent y-o-y, with India and China continuing to lead all markets, recording double-digit growth rates. Reflecting strong demand, the worldwide air passenger numbers are expected to cross 4 billion this year and grow further to 4.3 billion in 2018.

All regions are expected to post improved profits year-on-year in 2018 with the North American carriers leading the pack at US$16.4 billion, which is almost half of the collective bottom line.

North American airlines are once again primed to record the highest profits in the industry. Overall revenues are expected at $824 billion, up 9.4 percent on 2017's $754 billion.

The organisation forecast profit would grow to $600m next year from $300m this year on the back of a minor increase in demand.




In its latest forecast, Iata also hoisted its 2017 global profitability forecast for the second time this year. "It's still, however, a tough business, and we are being challenged on the cost front by rising fuel, labour and infrastructure expenses".

Aside Africa, virtually all the continent's airlines from Asia Pacific, Europe, Middle East, North America and Latin America recorded appreciable traffic growth.

He said: "To continue to deliver on our full potential, governments need to raise their game-implementing global standards on security, finding a reasonable level of taxation, delivering smarter regulation and building the cost-efficient infrastructure to accommodate growing demand". "Aviation is the business of freedom and a catalyst for growth and development", he said, adding the industry benefits to the economy include 2.7 million direct jobs and support for 3.5% of global economic activity.

In terms of revenue per passenger kilometres, airlines are expected to see a 6% growth in 2018 compared with a 5.7% expected increase in available seat kilometres.

"By bringing together people of different backgrounds and cultures to do business, to learn from one another and to solve problems, aviation provides vast value beyond what can be calculated".


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