Travel/Tourism
Global Airline Fuel Spending to Hit $291bn in 2024
By Aduragbemi Omiyale
A new report from Stocklytics has revealed that the global airline industry would spend about $291 billion on fuel in 2024, which is about $100 billion more than five years ago.
After a significant drop caused by the COVID-19 pandemic, global airline fuel spending has been continually rising and is on the brink of setting a new record this year.
In 2019, airlines worldwide spent 96 billion gallons of fuel, which cost them roughly $190 billion, and after the pandemic hit, these figures plummeted by almost 50 per cent, with airline fuel spending falling to only $80 billion in 2020.
But the entire market bounced back in 2022 after a challenging period a year earlier, causing the industry’s fuel usage up to 77 billion gallons that year after airline travel returned to normal, while the total fuel spending hit a massive $215 billion or 13 per cent more than before the pandemic.
The increasing trend continued in the past two years, but the International Air Transport Association (IATA) survey revealed a worrying trend; although global airline fuel usage had almost returned to 2019 levels, fuel prices had not. As a result, airlines are paying much more money for the same amount of fuel.
While it’s become quite usual for one of the world’s biggest fuel consumers to spend hundreds of billions of dollars on fuel each year, today, airlines are spending much more on the same amount of fuel as five years ago.
Statistics show a similar fuel volume in 2024 is forecast to cost $100 billion or 53 per cent more than in 2019. Thanks to this massive increase, fuel costs will make up around 32 per cent of overall airline companies’ spending this year, 7% more than five years ago.
This massive increase is mainly attributed to Russia’s war with Ukraine and the conflict between Israel and Palestine, which significantly drove up gasoline and jet fuel prices. With both conflicts unlikely to cease soon, fuel prices will probably be even higher next year.
The report stated that although 2024 will bring the highest fuel cost the airline industry has ever seen, this spike could be mitigated by more than optimistic market projections.
The IATA’s data show total traffic matched and surpassed 2019 numbers in February this year and has continued growing ever since.
With the global demand for flights rising, the total number of airline passengers is projected to reach almost five billion by the end of 2024, or 400 million more than before the pandemic.
Besides reaching a record number of passengers, the airline industry will also generate more revenue than ever. Statistics show the global airline industry revenue is expected to gross almost one trillion dollars in 2024 or $158 billion more than in 2019, it further said.
By Adedapo Adesanya
The Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce V-Pass, a biometric facial recognition system designed to make passenger processing faster, safer and more seamless across its domestic airports.
According to FAAN, the new technology will allow passengers to verify their identities through facial recognition after a one-time enrolment, reducing reliance on physical identification documents and shortening queues through automated electronic gates.
The authority said the system is expected to enhance airport security while improving the overall travel experience for domestic passengers.
FAAN added that V-Pass has been developed with data privacy at its core and is compliant with the Nigeria Data Protection Regulation (NDPR).
The agency described the initiative as part of its commitment to delivering smarter, technology-driven airport services and said nationwide sensitisation and rollout updates would be announced in due course.
Airports in countries including the United States, the United Kingdom, Singapore and the United Arab Emirates already deploy facial recognition technology for processes such as check-in, security screening, immigration and boarding, so the move also aligns Nigeria’s aviation sector with a growing global trend towards contactless travel.
These systems have been adopted to improve operational efficiency, strengthen security and enhance the overall passenger experience.
For FAAN, the deployment of V-Pass forms part of its broader digital transformation agenda aimed at modernising airport operations and accommodating rising passenger traffic.
Experts say that beyond improving convenience, the authority expects the biometric platform to strengthen identity verification, reduce the risk of impersonation and support more efficient airport security, while maintaining compliance with data protection.
By Aduragbemi Omiyale
About 14.12 per cent stake in Ikeja Hotel Plc has been acquired by Honeywell Group Limited, a notice on the Nigerian Exchange (NGX) Limited has revealed.
Honeywell Group took up the part of the hospitality firm through one of its affiliates known as HGL Real Estate Limited.
Ikeja Hotel, in the disclosure filed with the NGX on July 2, 2026, said the stake comprised 305,323,525 units of its equities.
“Ikeja Hotel hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12 per cent shareholding in the company,” the notice stated.
Ikeja Hotel is one of Nigeria’s leading hospitality investment and hotel management companies with premium hospitality assets.
It operates two leading hospitality organisations in Lagos, the Sheraton Lagos Hotel and Balmoral Convention Centre.
By Aduragbemi Omiyale
About 10 hospitality establishments, including hotels and restaurants, were sealed on Wednesday by officials of the Lagos State Environmental Protection Agency (LASEPA).
The affected businesses are located in different locations in the Alimosho Local Government Area of the metropolis, Business Post learned from a statement from the agency.
It was stated that they were sealed by LASEPA for persistent violations of environmental regulations despite repeated warnings, abatement notices, and several opportunities to comply with the agency’s directives.
According to the notice, the enforcement exercise was carried out in line with the directives of the Lagos State government to ensure strict compliance with environmental laws and to safeguard public health.
The affected facilities were said to have breached various environmental regulations, including noise pollution, air pollution, unlawful discharge of untreated effluent, obstruction of official duties, among others.
LASEPA closed the premises of Granduer Meridian at Obasa Akiniyi Street, Oluwaga, Ipaja for non-compliance with the agency’s directives; Lasola (Spazio Bar), located on Ipaja Road, Fatolu Bus Stop, Ipaja, was sealed for noise pollution and non-compliance with directives; Millennium Restaurant, located at Gate Bus Stop, Ipaja, Ayobo, was shut down for non-compliance with directives; O2 Exquisite Suites & Tower on Jimoh Akinremi Street, Jimoh Bus Stop, Akowonjo, was sealed for non-compliance with directives; and Chirozz Hotel & Suites, located on Samuel Street, Akowonjo, by Vulcanizer Bus Stop, Egbeda, was closed for noise pollution and non-compliance with directives.
In addition, House 7 Hotel, located at Remi Akande Street, Egbeda, was sealed for non-compliance with LASEPA’s directives; House 48 on Isiba Oluwo Street, Egbeda, was sealed for non-compliance with directives; Exclusive Hotel, located at Ishan Kimishe, Akesan Bus Stop, was shut down by non-compliance with directives; Sabola Ventures Limited, Iocated at Km 11, LASU–Isheri Road, Igando, was shut down for operating without evidence of an Effluent Treatment Plant (ETP), and discharging untreated effluent into public drains; and City Int’l Motel, located at Chief Olu-Adegbite Street, off Oladun Street, Council Bus Stop, Idimu, was sealed for non-compliance with directives.
