Africa’s aviation industry is one of the fastest growing in the world. The region has over 731 airports and 419 airlines, with an aviation industry that supports around 6.9 million jobs and $80 billion in economic activity (World Economic Forum).
Africa’s aviation industry is one of the fastest growing in the world. The region has over 731 airports and 419 airlines, with an aviation industry that supports around 6.9 million jobs and $80 billion in economic activity (World Economic Forum). In the next 20 years, the industry is expected to compete against other global aviation industries. However, recent occurrences may hinder this target from being attained in due time.
For many airlines across the world, jet fuel prices typically represent 20% to 25% of total operational costs. However, following the Russian-Ukraine crisis, IATA Economics revealed that jet fuel has soared nearly 70% during the first 6 months of 2022 – one of the most significant increases of the past two decades, naturally causing airlines scramble to make ends meet.
The price of aviation fuel per gallon in some African countries as of 2022 include:
Angola - $3.75; Ghana - $3.14; Sudan - $2.44; Nigeria - $2.30; Benin - $2.30; Gabon - $2.05 amd Cameroon - $1.94
Africa is projected to lose up to $4.1 billion in 2022 due to the increased price of jet fuel, according to reports from the African Airlines Association. As a result, most commercial airlines in Africa have hiked the price of flying fares this year, and even major oil-producing countries like Angola and Nigeria are feeling the heat.
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