Nigerian travel sector at risk due to unfair Airline trade practices,...
…as NANTA reports Nigerian Travel Sector Loses 40% Market Value Due to Foreign Airline Trade
The Federal Competition and Consumer Protection Commission (FCCPC) has sounded the alarm on the negative impact of cross-border trading of foreign airlines’ inventories on Nigeria’s travel economy.
The Acting Vice Chairman of FCCPC, Alhaji Adamu Abdullahi, stated this during a courtesy visit by the President and Executive Council of the National Association of Nigeria Travel Agencies (NANTA) to his office in Abuja.
Warning that the trend poses a significant threat to the Nigerian economy, Abdullahi said, this must be stopped before it compounds the plight of the traveling public.
He emphasized that if left unchecked, it could also affect the livelihood of Nigerian travel trade professionals, lead to job losses, and frustrate efforts to stop capital flight out of the country.
The FCCPC boss assured NANTA members that the Commission is committed to tackling the issue head-on and restoring sanity in the aviation industry.
He promised to engage in thorough investigations and dialogues with airline operators to address concerns such as cancellations and delays without adequate notice to passengers.
Abdullahi commended NANTA’s leadership for their foresight in engaging with FCCPC to promote equity and fair play in the Nigerian travel economy.
He disclosed that a technical committee would be set up to work out terms of a memorandum of understanding (MOU) with NANTA to sustain the partnership.
Earlier, NANTA President, Mr. Yinka Folami, expressed gratitude to FCCPC for helping to stabilize the troubled Nigerian travel sector, particularly during the foreign airlines’ trapped funds saga.
He stressed the negative impact of cross-border trading on the market values of NANTA members’ businesses, leading to a 40% loss in the Nigerian travel market.
Folami warned that the unfair trade practices could complicate the growth of small and medium-sized enterprises in Nigeria, leading to job losses and impacting on the country’s GDP.
The NANTA President applauded FCCPC’s commitment to cleaning up the industry and strengthening NANTA as a veritable body to protect Nigeria’s borders from external and internal obnoxious trade practices.
