Only 3 out of 22 airports in Nigeria are profitable – FAAN

The Federal Airports Authority of Nigeria (FAAN) said on Tuesday only three of Nigeria’s 22 airports were profitable.

FAAN Managing Director, Olubunmi Kuku, made the remarks while appearing on Channels TV’s breakfast programme, The Morning Brief.

He said authorities were providing cross-subsidization at 19 other airports and would continue to do so for several new airports under development.

Kuku said: “I said that based on current statistics, only three of the 22 airports are truly profitable and make a big contribution to the sustainability of the airport companies we manage.

“I also want to say that we are currently cross-subsidizing 19 other airports and in many cases, we will be replacing or cross-subsidizing some of the participating airports.”

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He said FAAN contributes 50 percent of its revenue to the federal treasury which is a big challenge, adding that the authority is in discussions with various government agencies to seek relief.

“I start by saying that we have 22 airports that we own and operate.

“We also have about six or seven airports owned by local governments or individuals or private entities, which we also support with aviation security or fire and rescue services.

“We have several states in the north and also in the Southwest that are building new airports,” the FAAN chief said.

By: Babajide Okeowo

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