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Festus Keyamo Reveals FG Plans To Lure Foreign Investors

The Minister of Aviation and Aerospace, Festus Keyamo, has said that the federal government is planning to set up an aircraft leasing company and maintenance organisation and making foreign exchange available, to attract foreign investors.

The minister said most of these projects, which is already on it’s roadmap, will help the current administration in its vision of making Nigeria the aviation hub of Africa.

Keyamo, during the 7th Africa Aviation Summit and Exhibition, assured that the government will ensure enforcement of contract agreement and the rights of investors and all parties are protected; and Nigeria being a signatory to the Cape Town Convention will uphold international obligations.

He said the Maintenance, Repair, and Overhaul (MRO) facility is another critical aspect that can make the Nigerian aviation industry a hub on the continent, adding that with the shortage of qualified engineers, the current administration is willing to provide all the necessary support for the establishment of world-class MROs and training organization.

The minister assured that the current administration is committed to ensuring that forex is readily available to entrepreneurs.

He said the president has directed that the Central Bank of Nigeria (CBN) hold quarterly reconciliation meetings to resolve this issue.

“The current administration is open to providing tax holidays to encourage existing and new entrants into the Nigerian aviation sector.

“We will upgrade of the Cat3 landing system at major airports, construct a second runway in Abuja, and improve airport programmes through concession and the government’s willingness to partner with companies to turn major airports into Aerotropolis,” the minister added.

He explained that the recent global events further exposed the immense contribution and importance of air transportation as a catalyst for economic development, vital engine of global socio-economic growth, one of the most significant contributors to the advancement of modern society and a key instrument for achieving the United Nations Sustainable Development Goals (SDGs).

He said these underscore why the world was significantly impacted when the pandemic and other global occurrences disrupted international aviation.


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