By Milcah Tanimu

Mr. Festus Keyamo, the Minister of Aviation and Aerospace Development, has outlined the Federal Government’s determination to position Nigeria as the aviation hub of Africa. Speaking at the seventh Aviation Africa Summit and Exhibition 2023 in Abuja, he detailed the government’s plans to address challenges in the aviation sector to attract foreign investment.

Keyamo highlighted several key initiatives to achieve this goal, including:

1. Aircraft Leasing Company and Maintenance Organization: The government is exploring measures to enhance the aviation business, such as upgrading the Cat3 landing system at major airports, constructing a second runway in Abuja, and improving airports through concessions. Additionally, the government is willing to partner with companies to develop major airports into aeropolis, attracting investment in state-of-the-art aircraft.
2. Investment Opportunities: Keyamo encouraged major players in aircraft leasing and head lessors to invest in Nigerian airlines, emphasizing the government’s commitment to enforcing contract agreements and protecting investors’ rights in line with international obligations under the Cape Town Convention.
3. Maintenance, Repair, and Overhaul (MRO) Facility: Recognizing the importance of qualified engineers in the aviation industry, the government intends to support the establishment of a world-class MRO facility and training organization in Nigeria.
4. Forex Availability: The government acknowledges the impact of fluctuating foreign exchange on entrepreneurs and is committed to ensuring the availability of forex. Keyamo has directed the Central Bank of Nigeria (CBN) to hold quarterly reconciliation meetings to address this issue.

By implementing these initiatives, the Federal Government aims to enhance Nigeria’s aviation industry, attract foreign investment, and establish the country as a prominent aviation hub in Africa.