The International Air Transport Association (IATA) has reported that airlines are anticipated to incur an additional $100 billion in jet fuel expenses this year, largely due to a projected 70% increase in aviation fuel prices by 2026. This surge in fuel costs is expected to significantly impact the global airline industry's profitability, which is forecasted to decrease by half to approximately $23 billion. Furthermore, the IATA highlighted that Nigeria ranks among the countries with the highest operational costs for airlines, exacerbating the financial challenges faced by carriers operating in the region.
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