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Africa’s Airlines and the Economics of Flying on Empty Profits

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The start of a new year is meant to bring clarity, to invite reflection and sharpen our sense of direction. As the calendar turns, I find myself wondering whether Africa’s aviation landscape will finally shift in any meaningful way, whether the forces shaping our skies will change direction or will we once again circle the same constraints? History suggests caution. For African airlines, this may simply be another challenging lap around the sun for a continent rich in promise, but poor in delivery.

 

According to the International Air Transport Association (IATA), airlines worldwide are expected to generate a record $41 billion in net profit in 2026, supported by rising passenger numbers, historically high load factors, and stabilizing fuel prices. Planes are fuller than ever. Revenues are projected to cross $1 trillion for the first time. The industry, battered by the pandemic and geopolitical shocks, has found its balance again.

But beneath these headline numbers lies a stark imbalance, one that places Africa at the margins of aviation’s recovery.

While global airlines will earn an average of $7.90 per passenger in 2026, African airlines are expected to make just $1.30 per passenger, according to IATA’s regional breakdown. In total, Africa’s airline industry is forecast to earn only $200 million in net profit, barely 0.5 percent of global airline profits despite serving a continent of 1.4 billion people.

The question is not whether Africans want to fly. Traffic across the continent is growing faster than the global average. The question is why African airlines continue to earn so little from that growth.

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