The Nigerian Aviation Handling Company Plc (NAHCO Aviance) says it aims to rake in N100 billion revenue over the next five years while focusing on diversifying its investment portfolio.

NAHCO chairman, Dr Seinde Fadeni, said this on the sidelines of the company’s Annual General Meeting in Lagos.

According to Mr Fadeni, the company has concluded plans to diversify its investment portfolio to create new jobs and contribute significantly to resolving the country’s foreign exchange crisis.

He said that the company was convinced that the food export holds significant potential for foreign exchange earnings due to its impact on the livelihoods and prosperity of many Nigerians.

He said that although the company was navigating safely around challenges confronting the air transport space, he urged the government to improve airport infrastructure.

This, he noted, would help to keep pace with the future growth plan.

He said that industry stakeholders could look at implementing policies that support sustainable aviation fuel.

Mr Fadeni said that concrete targets should be set and steps taken to execute innovations that support the industry and the world’s net zero CO2 emission goals.

“NAHCO believes that the government at the centre should work towards reducing the financial burden for airlines and passengers by reviewing applicable taxes. This way, more payees would be brought into the tax net. Not too long ago, the International Air Transport Association declared that Nigerian airports charge foreign airlines about 27 levies.

“This makes Nigerian airports the most expensive in the world, discouraging airlines from flying into the country. This is not the kind of laurel Nigeria should be proud of. It is a disincentive to investment to both active and prospective investors. The government should address this situation and also heed the industry’s calls for the harmonisation of the regulatory environment, particularly at the ports, in a way that aligns with global best practices. The nation’s “Ease of Doing Business” mantra should be in practice and not in theory only,” Mr Fadeni said.

Supporting the federal government’s Renewed Hope Infrastructure Development Fund, the NAHCO boss said that it should have an overall industry impact.

He highlighted some of the challenges in 2023, including increased cost of handling an aircraft that required the approval of the Nigeria Civil Aviation Authority.

He said, “The very act of getting new rates approved has its challenges as well. It is therefore not uncommon to see ticket prices rising geometrically while ground handling rates charged by service providers to airlines remain solidly stagnant.”

Mr Fadeni spoke on plans to reinvest in its facilities to enable it to retain its position in the ground handling and warehousing business.

He said that the company’s ambition to be a global integrated logistics giant was beginning to take shape with the establishment of its subsidiaries.

Also, the company group managing director, Indranil Gupta, said the company intended to diversify investment into other sectors of the economy to grow.

Mr Gupta said that NAHCO would continue to invest in operational equipment to drive sustainable growth.

(NAN)