The number of air passengers in Nigeria increased from 4.2096 million in 2013 to 6.7953 million in 2023. Although the decade saw fluctuations, including a significant drop in 2020 due to the pandemic, the industry showed resilience with a strong recovery trajectory. In 2022 and 2023, the air passenger volume rose by 35.14% and 12.08%, respectively. The compound annual growth rate (CAGR) for the past five years was -2.69% due to earlier disturbances.
Forecasts project a steady increase, with the number of passengers expected to reach 7.2636 million by 2028. The forecasted CAGR over the next five years is 1.06%, indicating modest but positive growth. Key trends for the future include:
- Enhanced infrastructure and operational efficiency at airports.
- Potential market growth from increased regional and international travel.
- Impact of new airlines entering the market.
- Shifts in consumer preferences and travel behavior post-COVID-19.
