FAAN Targets 30% Revenue Increase

The Managing Director, Federal Airports Authority of Nigeria (FAAN) Captain Rabiu Hamisu Yadudu has said the authority will grow its revenue by 30 per cent by the second quarter of the year.

Part of the strategy to achieve this new move, he said, is to tap into non-aeronautic sources.

Non-aeronautical sources of revenue are income are non-flight based. They include revenue from car parks, shops at the airport, and outdoor advertisement.

Yadudu said due to newer variants of the COVID-19, steps were being taken to ensure that the authority stays afloat and comes out stronger from the pandemic.

He said aeronautical revenue to the authority have come under severe pressure due to the pandemic.

Speaking at the FAAN Breakfast Meeting in Lagos with the theme: Sustainable aviation business in a post-pandemic- The role of FAAN’s management, he explained that non-aeronautical revenue presents tremendous opportunities to grow and diversify FAANs revenue base.

“It accounts for 27.5 per cent of our total revenue and has increased by 8.3 per cent year-on-year from August 2016 till date. Our target from this meeting is to increase this to at least 30 per cent by the end of second quarter of 2022 as well as come up with other strategies for building sustainable aviation business amidst the pandemic,” Yadudu stressed.

He expressed confidence that the FAAN team could achieve the goals and that with innovation, determination and commitment, it would be well.

He emphasised more investment in infrastructure and capacity building as well as ensuring safety and security.

He called on the management team to emphasise operational efficiency while stressing that all techniques must be employed to accomplish the goals in the most cost-effective and timely manner as there will be no room for wastage or abuse.

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