Chairman of Air Peace, Allen Onyema, has revealed that no Nigerian airline has recorded $1 million in annual profit, despite perceptions of huge earnings from rising airfares.
Speaking at the 30th anniversary conference of the League of Aviation Correspondents in Lagos on Thursday, Onyema said the financial realities of Nigerian carriers are far removed from public assumptions.
“If Air Peace, the biggest carrier in revenue, did not make $1m in 2025, then I don’t think any other airline did,” Onyema stated.
He explained that airlines operate under heavy cost burdens, including multiple taxes, regulatory charges, airport fees, and fuel expenses, which erode revenues.
He stressed that aviation should not be viewed as a direct revenue source for government but as an industry that indirectly drives economic growth through tourism, trade, and employment.
Industry data presented at the conference showed aviation contributes about $2.5 billion annually to Nigeria’s GDP and supports over 217,000 jobs.
Yet operators argue the sector remains one of the most expensive environments for airlines.Onyema called for the scrapping of the five per cent Ticket Sales Charge and Cargo Sales Charge, proposing a fixed unit charge instead.
He also urged harmonisation of aviation taxes to eliminate duplication and double taxation.
His position was echoed by Bi-Courtney Aviation Services chairman, Olalekan Babalakin, represented by COO Remi Jibodu, who said government revenue and industry growth should not be seen as competing goals.
The conference highlighted the need for policy consistency, contractual certainty, and private investment in infrastructure to build a stronger aviation sector.