Nigerian airlines and their suppliers are facing tough times because of extremely high interest rates, Aero Contractors (N2, Lagos) CEO Ado Sanusi has complained to local media.

Airlines will not be able to survive in a high-interest environment, he warned. “The cost of funding in this country is very high. This is stifling growth in the aviation industry, and all the gains of the Cape Town Convention will be lost. I can’t see an airline going to borrow money at 33 to 35 per cent interest rates and then make a profit,” he said….

Source: ch aviation
Read more: Nigeria’s Aero Contractors warns lending rates are too high