Festus Keyamo, the minister of aviation and aerospace development, has urged global financiers to invest in the concession of Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

The minister was speaking at the Airline Economics Growth Frontiers Global in Dublin, Ireland, on Monday.

The Airline Economics Growth Frontiers Global event opens from Jan. 12 to 15.

The event, which is part of Airline Economics Week, focuses on the latest developments and trends in the global aviation industry, with a particular emphasis on the finance and leasing of aviation assets.

Mr Keyamo emphasised that the federal government of Nigeria has implemented streamlined policies to create an enabling environment for investors to concession the nation’s airports.

“Initiated measures to reduce operational bottlenecks, including reviewing airport concession agreements to improve efficiency, have been put in place,” he said.

Mr Keyamo also highlighted the need to expand Lagos and Abuja airports to enhance capacity and passenger experience, stating: “There is a need to expand Lagos and Abuja airports to enhance capacity and passenger experience.”

The minister noted that the Nigerian aviation sector had experienced significant growth, aligned with the government’s commitment to modernise infrastructure, improve safety, and foster economic growth.

He said that Nigeria’s Cape Town Convention index, which increased from 49 to 75.5 as a result of recently implemented policies, would help improve lessor’s confidence in placing leased aircraft in Nigeria.

“We hope that our demonstration of supporting economic growth, with aviation being a key factor, will open arms from the industry,” Mr Keyamo said.

He also explained that the government had created multiple platforms to unify aviation stakeholders and increase the participation of local financing institutions.

The minister added that the government had also partnered with airlines, the insurance industry, and regional banks to address key issues and implement reforms.

“We have developed and signed a working together agreement, MoU, with Boeing to help with safety improvement, operational efficiency, talent development, infrastructure development, and capacity building concerning MRO (Maintenance, Repair, and Overhaul),” he added.

 (NAN)