Nigeria is set to begin producing aircraft components as part of President Bola Ahmed Tinubu’s initiative to make the country the aviation hub for West and Central Africa.
Represented by the Secretary to the Government of the Federation (SGF), George Akume, at the Nigerian International Airshow yesterday, Tinubu stated that revenue from the aviation industry could reach $2.56 billion by 2029.
He described the airshow as “a historic event that places Nigeria firmly on the global aviation map and also signifies the country’s entry into the league of nations hosting world-class aviation showcases such as Farnborough, Paris, and Dubai.”
Tinubu praised the steady growth of the sector, saying Nigeria’s aviation industry had progressed from “humble beginnings to global ambitions.”
He revealed that passenger traffic, which stood at 15.89 million in 2023, is projected to rise to 25.7 million by 2029, while annual industry revenue is expected to reach $2.58 billion.
He added that the Federal Government is vigorously upgrading aviation infrastructure, including a N712 billion renovation of the Murtala Muhammed Airport in Lagos and ongoing enhancement works across six major airports and multiple runways.
He noted that Nigeria now holds the top position in Africa for adherence to international aviation standards, with its Cape Town Convention score improving from 49.5 percent to 75.5 percent.
“This achievement allows airlines to access low-cost aircraft financing and boosts investor confidence,” he said.
Tinubu further disclosed that Nigeria has concluded deals with Boeing and Cranfield University to establish advanced Maintenance, Repair and Overhaul (MRO) facilities in the country.
The move is aimed at reducing the $200 million spent annually on foreign aircraft maintenance.
“Aero Contractors and XEJet are leading this transformation with new hubs in Lagos and Abuja,” he added.
In his message in the Airshow’s inaugural magazine, Minister of Aviation and Aerospace Development, Festus Keyamo, called the event “historic” and a major step toward securing Nigeria’s place on the global aviation exhibition network.
“This Airshow is more than an event; it is a statement of intent. It is a bold declaration that Nigeria is ready to lead, innovate, and compete on the global stage,” Keyamo said.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
