The International Air Transport Association has said the disruption to air travel due to the continued spread of coronavirus will cost Nigeria’s aviation industry over N160.58bn in revenue and 22,200 jobs.
This development was confirmed using Bureau de Change rate of N370 to $1 ($434m).
According to Punch IATA said on Thursday that the country would also lose approximately 2.2 million passengers.
Reports from the association which is an umbrella body for 290 airlines globally reveal that, it had in early March projected 853,000 losses in passenger volumes and $170m loss in base revenues in Nigeria if the spread of COVID-19 continued.
So far in its country specific loss analysis, the IATA stated that, since the end of January, thousands of passenger flights had been cancelled in Africa.
In addition, it was also disclosed that the cancellations would increase exponentially with the implementation of additional measures in different countries.
According to the latest data, IATA said, “International bookings in Africa are down roughly 20 per cent in March and April, domestic bookings have fallen by about 15 per cent in March and 25 per cent in April.
“African airlines had lost $4.4bn in revenue as of March 11, 2020. Ticket refunds have increased by 75 per cent in 2020 compared to the same period in 2019 (01 February – 11 March).”