Nigeria has extended a $3.3 billion bailout to the country's troubled domestic airlines.
Mohammed Abdullahi, a spokesperson of the Central bank of Nigeria said Monday that the fund will let airlines refinance their loans for a period of 10 to 15 years. Abdullahi says the loans help both airlines and banks, as the airlines' heavy debts could hurt the banks.
Nigeria, Africa's most populous nation, has seen its airline industry grow dramatically in recent years. The competition has strained airlines' budgets, already hurting from increased jet fuel costs. This impetus means Nigerian airlines will once again find their footing in the African skies after decades of decay.
Nigeria, Africa's most populous nation, has seen its airline industry grow dramatically in recent years. The competition has strained airlines' budgets, already hurting from increased jet fuel costs. This impetus means Nigerian airlines will once again find their footing in the African skies after decades of decay.
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