The financial performance of an airline is a good predictor of its operational efficiency, regulatory compliance, safety management system, etc.
The Nigerian civil aviation authority plans to begin financial auditing of airlines operating in Nigeria, which is a very good move in the right direction and it is highly commendable but expected long before now.
This bold step reveals the level of commitment of the current leadership of the Nigerian Civil Aviation Authority to ensure a safe, efficient, and prosperous aviation sector in Nigeria. However, with the increasing number of airlines struggling to maintain domestic flight operations in Nigeria, there is no better time than now to act as a responsible stakeholder in the industry.
Although all indications are pointing to intervention, but not necessarily to provide the usual debt relief, but to assist airlines in restructuring their business models in ways that reflect the current reality.
I would like to urge the authorities to look beyond the current reality and use their regulatory power to develop a regulatory framework that ensures airlines operate with a corporate structure and culture that ensures long-term growth, innovation, and sustainability in terms of safety, efficiency, compliance, and profitability.
I am optimistic that the industry will overcome its current challenges and grow into a behemoth that will ensure job security, professionalism, compliance and supports its aging workforce well beyond their active years (pension) if the airlines will give them the usual cooperation.
Thinking is the secret sauce behind successful strategies in the aviation industry. Leaders must embrace the power of thinking to navigate complexity, prioritize safety, adapt to change, optimize resources, and enhance the customer experience. In a field where every decision carries weight, thinking is not just an option; it’s a necessity for achieving excellence and ensuring the continued success of aviation companies worldwide.