An aviation expert, Mr Gbenga Olowu has identified the aviation sector as one of the hardest hit by the global economic meltdown. In an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos, Olowu said that as the recession bites harder; air travel has shrunk, hitting airlines and airport
Olowu who is the President, Sabre Network contended that no sector of the global economy was immune to the global financial meltdown. He said the meltdown had forced airlines to resort to job cuts and route closures, adding that the airlines were declaring looses.
â€œMany airline operators are declaring huge losses. They are losing cash as you are all aware by now.
With the economic recession, air travel still remains the fastest and safest means of transportation,â€ he said. He argued that the Nigerian aviation sector was capital intensive, adding that airlines in the country found it difficult to meet their obligation. He said lack of understanding by the government, service providers and high cost of fuel had compounded the problems.