The Chairman of United Nigeria Airlines and spokesperson for the Airline Operators of Nigeria, Prof Obiora Okonkwo, has disclosed that the airline lost about N10bn within three months as a result of disruptions caused by the closure of the Strait of Hormuz amid tensions involving the United States and Iran.
Okonkwo said the geopolitical crisis triggered a rise in aviation fuel prices, worsening operating conditions for domestic carriers already battling high operating costs and infrastructure challenges.
The Strait of Hormuz, a narrow waterway between Iran and Oman, is regarded as the world’s most critical oil transit route, handling nearly 20 per cent of global petroleum shipments. Its disruption sent shockwaves through global energy markets and significantly impacted Nigeria’s aviation industry.
He spoke during the unveiling of two newly acquired Boeing 737-800 Next Generation aircraft, registered as 5N-CFC and 5N-CFB, by United Nigeria Airlines. The aircraft were named after the Obi of Onitsha, Igwe Nnaemeka Achebe, and the late literary icon Chinua Achebe.
Reflecting on the airline’s recent challenges, Okonkwo acknowledged that reforms introduced by the Minister of Aviation and Aerospace Development, Festus Keyamo, had helped stabilise the sector, but external economic pressures remained severe.
“There are seasons when there are low passengers, but in the last three months, what we have seen is simply too much. We have lost about N10bn, N5bn, N6bn in a space of three months as a result of the closure of the Strait of Hormuz. We have to make up for the losses we have incurred in the last three months,” he said.
Despite the setbacks, the airline chief described the acquisition of the new aircraft as a major milestone and a sign of resilience in the Nigerian aviation sector.
