The Central Bank of Nigeria announced a N27 billion intervention fund on 14 May 2020, aimed at cushioning airlines, ground handlers, travel agencies and other aviation-linked businesses against revenue losses caused by the COVID-19 flight suspensions. CBN Governor Godwin Emefiele said the facility would offer concessionary loans to eligible operators to help cover overheads and retain staff through the shutdown.
Industry Response
The Airline Operators of Nigeria, which had been lobbying for government support since the international flight ban took effect in March, welcomed the announcement but pressed for faster disbursement, warning that several carriers were burning through reserves with no passenger revenue coming in. Aviation Minister Hadi Sirika said the fund would be administered alongside the Bank of Industry, with applications to be reviewed on a case-by-case basis.
The intervention was one of several sector-specific support packages the CBN rolled out during the pandemic, reflecting concern within government that a prolonged grounding of the aviation industry would have knock-on effects across tourism, logistics and the wider economy.