2 Nigerian airlines halt service as recession grips country

Two Nigerian airlines are suspending service as a recession grips this oil-producing West African nation.

Shouting matches and scuffles have become common at airports over hours-long delays or canceled flights. Some airlines blame shortages of aviation fuel.

Aero Contractors and First Nation airlines stopped flying this week. Aero Contractors called it a "strategic realignment" to make the airline profitable.

Labor unions besieged their offices over the "indefinite unpaid leave" forced on hundreds of workers.

SBM Intelligence risk analysts said today an estimated 4.5 million people have lost jobs since 2014. Oil prices halved and the oil industry contracted by 17.5 per cent this year.
 

Inflation is at 16.5 per cent, and the naira crashed this year from 199 to 305 to the dollar while trading on the parallel market at over 400.