An Aviation expert, Dr Gbenga Olowo, says aviation sector deserves robust palliative measures to cushion the effects of COVID-19, following flight restrictions and border closure.
Olowo said in Lagos on Friday that efforts must be made to open the airspace and borders at once to stimulate commerce which connected economies.
According to him, early recovery by the airlines will be very difficult if not impossible.
The expert, who is the President, Aviation Safety Round Table Initiative (ASRTI), said that partial lifting was absolutely necessary to avert disproportional economic collapse and hardship on Nigerian citizens.
Olowo said that would also be premised on the fact that confirmed/discharged case ratio of 6:1indicated a high probability of every confirmed case standing a good chance of being discharged; whereas confirmed/death ratio of 33:1 indicated low probability of a confirmed case dying.
The ASRTI boss aligned with suggestions made by American-Nigeria Chamber of Commerce on the need for a committee to be set up by the Aviation Minister to review the practicality for aviation sector.
He said that the Chamber of Commerce suggested that Nigerian businesses that were five years old and above should be allowed to draw up to a maximum of 20 per cent of their three-year average yearly turnovers as loan at five per cent interest rate.
Olowo said that could be on a one-year moratorium within seven days after the lockdown is lifted, using their businesses as collateral.
He noted that when China became serious on transformation, Chinese businesses got cheap loans of five per cent within 72 hours of submitting their loan applications.
Olowo suggested 50 per cent salary subvention for three months: April, May and June 2020 from the government for all Nigerians working in corporate organisations.
According to him, American-Nigerian Chamber of Commerce suggested that Central Bank of Nigeria (CBN) should mandate commercial banks to extend moratorium on existing business loans that had fallen due by additional one more year without penalties.
“Raise 50 billion dollars from what I call: Africa Diaspora Investment Fund (ADIF). Interest on savings or fixed deposit has evaporated in some developed economies; indeed, negative interest in some countries like Switzerland.
“Therefore, interest rate of three per cent for the Diaspora investors will be sweet music to their ears. 50 billion dollars can be raised from 10 million Africans in the diaspora investing an average of 5,000 dollars.
“African Development Bank (AfDB) can be called upon to play the midwifery role,” he said.
On whether the airlines are likely to resume operations next week, Olowo said full airlines operations next week might not be feasible since interstate restrictions were still in force with borders and airspace still closed.
He said that inter, intra and intercontinental movement was still prohibited.
