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Nigerian Aviation Handling Company Plc has set a revenue target of N100bn to be achieved within the next five years.
The company's Group Chairman, Dr. Seinde Fadeni, shared this projection at the Annual General Meeting in Lagos.
To reach this goal, the company plans to diversify its investment portfolio to create new employment opportunities and contribute significantly to resolving the country’s foreign exchange crisis.
Established in 1979, NAHCO offers aviation cargo, aircraft handling, passenger facilitation, crew transportation, refuelling, and aviation training services at the Murtala Muhammed International Airport.
Fadeni emphasized the potential of food export for foreign exchange earnings and its positive impact on the livelihoods and prosperity of Nigerians.
Despite challenges in the air transport sector, he urged the government to improve airport infrastructure and reduce financial burdens for airlines and passengers to align with the company's future growth plan.
He also highlighted the need for the government to review applicable taxes to lessen the financial burden on airlines and passengers, citing the high number of levies charged to foreign airlines by Nigerian airports.
"The exorbitant fees at Nigerian airports make them the most expensive in the world, deterring airlines from operating in the country.
This is not a reputation that Nigeria should take pride in. It serves as a deterrent for both current and potential investors.
The government needs to address this issue and respond to the industry's request for a more standardized regulatory environment, especially at the ports, in line with global standards. The nation's commitment to an Ease of Doing Business ethos should be more than just a theoretical concept."
He also noted that despite the numerous cost-related challenges in 2023, the increased aircraft handling costs cannot simply be transferred to airlines by ground handling companies due to the requirement for regulatory approval from the Nigerian Civil Aviation Authority for any proposed rate hikes.
He added, "Obtaining approval for new rates also presents its own set of challenges. As a result, ticket prices often rise significantly while ground handling rates charged to airlines by service providers remain unchanged."
"Our efforts to establish a globally integrated logistics powerhouse are progressing well with the launch of new subsidiaries."
In addition, the Group Managing Director/Chief Executive Officer, Mr. Indranil Gupta, expressed the company's intention to diversify its investments into other sectors of the economy for growth.
He stated, "We will continue to capitalize on our strengths and market insights to pursue both organic and strategic growth opportunities, expanding our market presence and revenue streams."
