President Bola Ahmed Tinubu on Tuesday revealed that Nigeria’s aviation revenue is projected to reach $2.58 billion by 2029, following steady growth in the sector over the years.
Speaking at the inaugural session of the Nigeria International Airshow in Abuja, the President noted that the Nigerian aviation industry has expanded significantly over time.
He said that according to statistics, Nigeria handled 15.8 million passengers in 2023. “NCAA projections show that passenger growth will increase to 25.7 million by 2029, with annual revenue expected to reach $2.58 billion in the same year.”
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Represented by the Secretary to the Federal Government, Senator George Akume, Tinubu said the federal government is investing heavily in the modernization of six major airports, including a N712 billion redevelopment of the Lagos airport.
“Nigeria now ranks first in Africa for compliance with international aviation standards, improving its Cape Town Convention score from 49.5% to 75.5%, enabling airlines to access low-cost aircraft financing.”
Speaking further on Nigeria’s achievements in the aviation sector over the past 100 years, the President stated: “We have signed agreements with Boeing and Cranfield University to establish state-of-the-art MRO facilities, reducing the annual capital flight of $200 million for maintenance abroad.
“After five years, a new bilateral air services agreement has brought Emirates and Uganda Airlines back to Nigeria,” he added. “The economic impact of aviation now contributes 2.5% of Nigeria’s GDP, supported by 20 airports, 23 national airlines, thousands of trained professionals and seven global commitments and partnerships.
“Nigeria is not only hosting its first International Airshow; we are actively participating in global platforms. Recently, Nigeria showcased its aerospace ambitions at the Dubai Airshow, signaling our readiness to collaborate on defense and next-generation technologies.”
He continued: “Our objective is clear: to make Nigeria the aviation hub of West and Central Africa through public-private partnerships and investments in training centres.
“We are building a sustainable ecosystem that creates jobs, drives innovation and strengthens our economy. I want to thank our Ministry of Aviation and the Nigeria International Airshow team for making this event possible,” Tinubu said.
In his welcome address, the Minister of Aviation and Aerospace Development, Festus Keyamo, commended aviation stakeholders for their sacrifices over the years, which have helped the industry grow to its current height.
The Nigeria International Airshow has brought together aviators from around the world for exhibitions, seminars and discussions over the next two days.
NIGERIAN TRIBUNE