Nigeria’s Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, says that the government is steadfastly striving to position Nigeria as the leading aviation hub in Africa.
This statement from Mr. Keyamo was made public at the seventh edition of the Aviation Africa Summit and Exhibition 2023 in Abuja, which took place on a Wednesday.
He stated that the present government is fully prepared to accomplish this goal by addressing the aviation industry’s challenges to attract foreign investors.
‘The government is already looking at the Aircraft Leasing Company, Aircraft Maintenance Organisation, Forex availability and Tax holidays to improve the aviation business in Nigeria.’
‘This includes upgrading of the Cat3 landing system, at major airports, construction of the second runway in Abuja, airport improvement programmes through concession and government willingness to partner with companies to turn major airports into Aerotropolis.’
‘The government welcomes major players in aircraft leasing and Head lessors to invest in Nigeria airlines to provide state of the art aircraft,’ he said.
Keyamo said that the government’s commitment includes enforcing contract agreements and ensuring the protection of investors’ rights and the interests of all parties. Nigeria’s adherence to the Cape Town Convention demonstrates its commitment to upholding international obligations.
The minister also hammered on the importance of the Maintenance, Repair, and Overhaul (MRO) facility, stating that it was a critical component that could transform the Nigerian aviation industry into a hub for the continent.
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‘With the shortage of qualified engineers, the current administration is willing to provide all the necessary support for the establishment of a world class MROS and training organisation.’
‘The current administration is aware that one of the setbacks entrepreneurs have suffered in Nigeria in recent years is the fluctuation of foreign exchange and its availability.’
‘This administration is committed to ensuring that forex is readily available to entrepreneurs and I have directed that the Central Bank of Nigeria (CBN) holds quarterly reconciliation meetings with a view to resolve this issue,’ he said.
He also noted that the current administration was open to providing tax holidays to promote existing and new entrants into the Nigerian Aviation Sector.
‘I wish to reiterate that my administration, will continue to sustain the support being given to the industry.’
‘I firmly believe that as key players and decision makers, this summit will provide the required atmosphere for you to discuss, and identify recovery strategies that would attract private investors to support the funding of infrastructure projects.’
‘By building a transparent, stable and predictable investment climate, as well as include aviation in the continent’s national development plans.’
‘Nigeria is honoured to have these distinguished captains of aviation industry and industry stakeholders, from all over the world who are participating in this event,’ he said.
He pointed out that air transport remains an indispensable part of the global transportation ecosystem, playing a crucial role in propelling economic, social, and cultural development across the globe.
He mentioned that air transport is a catalyst for economic growth and development, offering employment opportunities, and nurturing a spectrum of socio-economic advantages.