Four Nigerian states Akwa Ibom, Cross River, Enugu, and Bayelsa have spent an estimated N500 billion on airlines, with Ogun, Anambra and Lagos also planning their own carriers.
Spending includes N10bn for Ibom Air, $32.5m for Cally Air's fleet, N62bn for Enugu Air, and N25bn budgeted for Pioneer Aircosts still rising.
Only Ibom Air has opened its books, reporting N96bn in revenue and N6.8bn net profit in 2025. Enugu Air projects N60bn net profit over four years.
Experts warn Nigeria's market serving a stagnant 15 million passengers may be too small for 15 carriers, questioning whether states that can't pay salaries should invest billions in airlines.