Foreign firms withhold credit lines from Nigerian airlines

Nigerian airlines’ credit rating overseas has been in continuous decline. Most aircraft lease companies, spare part suppliers and foreign aircraft maintenance companies are now seriously reluctant to deal with Nigerian operators on credit basis, sources close to airlines said.

The development, the sources said, had been a source of major concern to stakeholders familiar with the situation, who believe the development could hamper the growth of the sector in the country.

Newsmen revealed that the development was caused by the indigenous airlines’ penchant for not honouring their obligations to the foreign aviation companies. The obligations include aircraft lease payments, spare part and routine maintenance bills.