Nigerian airlines now depend on bank loans as fuel costs soar — Onyema (opens original article in a new tab)

Nigerian airlines depend on bank loans as fuel costs surge, with aviation fuel prices rising over 250% and high interest rates threatening industry viability.

• Nigerian airlines rely on bank loans due to soaring fuel costs
• Aviation fuel price increased over 250% from N900 to N3,300 per litre
• Airlines face high interest rates between 29-33% making borrowing unsustainable
• Over 70 airlines have shut down in Nigeria