Experts in the aviation business have said that government needs to initiate policies that will encourage lessors and save the industry from going under.

Organiser of the 18th annual African aviation finance conference, Nick Fadugba made this known in Abuja and noted that finance and leasing are critical to aviation but the governments in the African continent had not attached any importance to it, hence the sorry situation of its aviation sector.

According to him, the governments should be firm and initiate policies that will encourage and increase the confidence of lessors of aircraft to airlines in order to save the industry from going under.

"If these forecasts by highly reputed aviation organizations are anything to go by, then the picture is not very rosy since one of the key aspects of aviation is not being taken serious", he said.

In Nigeria, Fadugba lamented the situation he described as 'best and worst of times for the country's aviation.

He decried that that while airlines in Nigeria but not Nigerian airlines are making profits, their foreign counterparts are swamping the airspace due to government policies.

"Nigerian airlines are faced with problems in obtaining funds to compete, they are crippled financially, and this is a critical time for the aviation industry. Airports are not making profits but more are springing up, although the safety status may have improved but airlines might cut corners when they are not financially buoyant", he added.

Meanwhile, Boeing, world's leading aircraft manufacturers, has said that African airlines requires about $70billion to finance and acquire about 620 aircraft in the next twenty years.

Boeing reiterated the position of the International Air Transport Association (IATA) which had earlier in the year predicted that going by the situation at hand and the economic turmoil, 'airlines on the African region will lose $500milion in 2009.

Although, African airlines have joined their counterparts in the renewal of fleet in recent times, the region used to be the home of old fleet in the world.

To continue to be at par with other developed countries in the area of fleet change, then the feat may not come easy, as the airlines are faced with credit crunch.