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Fly Nigeria Act Initiative to Protect N 500 Billion from Capital Flight

By on February 1, 2012

Former Nigerian Bar Association (NBA) president, Olisa Agbakoba is championing a new legislation to boost the fortunes of the indigenous Aviation industry.

The Fly Nigeria Act is a bill put before the National Assembly that may soon become law. The crux of the legislation is to allow Nigerian aircraft carriers a monopoly on the fares of government related travel in and outside the country. Basically all civil servants in the country or anyone on government funded air travel will be compelled to fly with the local carriers such as Arik and Air Nigeria.

The bill when enacted into law will earn N 500 billion for the aviation industry.

Mr. Agbakoba has decried the situation whereby foreigners are benefitting more from our national lucre than Nigerians, “If this bill is passed the Nigerian market benefits but right now if there is no Fly Nigeria Act, nothing; everything goes abroad (capital flight). And the problem is, this country cannot grow if virtually all our industries are dominated by foreigners. For example, MTN makes more money in Nigeria that all the banks put together. And when they make the money they send it to South Africa,” said him.

It appears the recent spat between Arik and British Airways was the catalyst for this innovation as Mr. Agbakoba said, “The recent conflict involving British Airways and Arik Air has highlighted the weakness and massive loss in terms of revenue generation and support of employment opportunities. The weakness relate to weak institutional, legal and regulatory support for growth and protection of indigenous operators.”

“Aviation cabotage is the framework that will trap and keep resource flights without necessary hampering Nigeria’s international aviation obligations. Aviation cabotage essentially seeks the protection and promotion of indigenous operators and actors in vital sectors of the economy to enhance national economic development. Aviation cabotage is imperative for employment generation and sustenance of economic and industrial development. It is therefore recommended that National Aviation reform project should be designed with focus on issues.”

 

 

One Comment

  1. Anonymous

    February 1, 2012 at 12:14 pm

    ODILI WILL BE SMILING NOW