Following airplane crashes in 2005 and 2006, the Nigerian aviation industry sought to regain the confidence of air travelers by recapitalizing Nigerian airlines in 2007. However, the 2008 global financial crisis caused a decline in air travel as business and leisure travelers reduced their spending. With a steady recovery from recession since then, the Nigerian aviation industry has seen increased passenger traffic and air travel. The industry has recorded successes in areas such as a growing cargo market, route and capacity expansion, airline service extensions, international partnerships and the adoption of the Billing and Settlement Plan (BSP). While the BSP generates $6 billion annually (accounting for 40 percent of global industry revenues), its peer system CASS (Cargo Accounts Settlement Systems) would potentially generate four times that amount.
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