CITA CEO Suggests How To Stimulate Economic Growth
The Chief Executive Officer of CITA Aviation Fuelling Company, Dr. Thomas Ogungbangbe has suggested ways through which government can stimulate economic growth in Nigeria.
Presenting his opening remarks as Chairman of the 28th edition of the Annual Conference of the League of Airport & Aviation Correspondents (LAAC) held at Providence Hotel Ikeja, Lagos, under the theme, Aviation Survivability Amidst A Challenging Macro-Economic Environment,” Ogungbangbe said “passenger traffic in our sector is closely tied to economic activities. A robust economy generates increased business and leisure travel, leading to higher passenger volumes. Therefore, our focus must be on stimulating economic growth and activities that will, in turn, boost demand for air travel. This requires a concerted effort from all stakeholders, including the government, private sector, and international partners.
Investing in new airport projects while neglecting essential infrastructure like roads is counterproductive. Improved road networks facilitate easier access to airports, making air travel a more attractive option for our populace. We must prioritize the maintenance and improvement of existing airports and essential infrastructure rather than embarking on new airport projects that may not yield immediate returns.
Insights from other regions, such as Singapore and Hong Kong, demonstrate the benefits of focusing on economic activities and strategic investments. Singapore, with a population of 6.03 million, registered 16.5 million passenger movements through Changi Airport in just the first three months of 2024. Hong Kong, with a population of 7.5 million, recorded a 12-month rolling passenger volume of 44 million. These figures highlight the significant potential for passenger traffic when economic conditions are favourable and strategic investments are made.”
He further explained that stimulating economic growth involves “focus on policies and investments that stimulate economic growth, including improving road infrastructure, supporting small and medium-sized enterprises (SMEs), and enhancing sectors like tourism and trade that drive air travel demand.”
