Forex Stability Will Reduce Aviation Fuel Cost – Asharami Synergy

Asharami Synergy Limited, a Sahara Group downstream company in Nigeria has said that stability in the foreign exchange market would impact the aviation fuel market positively by reducing the cost of the product.

The Head, Downstream Africa, Sahara Group, Foluso Sobanjo, stated this recently at the International Air Transport Association’s Aviation Energy Forum held in Vienna, Austria.

In a statement made available on Monday by the Sahara Group’s Head of Corporate Communications, Bethel Obioma, Sobanjo while speaking on the growth factors for the Nigerian market, said the aviation fuel sector would benefit from adequate refining capacity, forex stability, cheaper sources of funds and infrastructure development.

He noted, “Achieving stability in the FX market would impact the Jet fuel market positively by reducing product cost, solving the liquidity issues facing the airlines and help with the repatriation of the investment made by foreign airlines which would spur further investments.”

According to him, suppliers need to be able to access credit at the right price as this would help to facilitate investments in essential infrastructure like tank farms, bowsers, and trucks.

“This would enhance operational capabilities and logistical efficiency, thereby supporting long-term growth and healthy competitiveness in the sector,” he stated.

Sobanjo also called for investment in infrastructure through sundry Public-Private Partnerships and collaboration among all stakeholders, including IATA, airlines, the Federal Airport Authority of Nigeria, and petroleum marketers to drive sustainable regulation, growth, and development of the sector.