Recession Bites Harder on Aviation Industry as Arik Shuts Down Operations
LAGOS SEPTEMBER 13TH (URHOBOTODAY)- – The economic rexession seems to be biting harder on the aviation industry as Arik air has joined its counterparts of Aero Contractor and First Nation to shut down its operations in Nigeria and West African sub region.
The development followed huge debts the airline owed its clients – the aviation fuel suppliers and its insurance companies.
It is believed that the carrier is also stressed by other pressing debts.
Arik’s disrupted operations makes it the third within a month- after the Aero Contractors and First Nation similar distressed declaration.
However, the National Civil Aviation Authority (NCAA) has said the shutdown announcement by the first-two airlines was temporary.
Arik is one of the rated private Nigerian effective and efficient carriers.
