Nigeria has intensified its push to unlock global investment in its aviation sector, with the Minister of Aviation and Aerospace Development, Festus Keyamo, declaring that the country is ready for a new era of growth driven by capital, confidence, and capacity.
Speaking at the Nigeria Aircraft Acquisition and Investment Summit in Lagos, the minister said the focus of stakeholders must shift from viewing aircraft acquisition as a transactional issue to a strategic enabler of national development.
Keyamo noted that Nigeria’s aviation potential is underpinned by strong market fundamentals, including its large population, strategic location, and growing economy, positioning it as a key player in Africa’s future aviation expansion.
Citing global forecasts by aircraft manufacturers, he said Africa is expected to require over 1,200 new aircraft in the coming decades, alongside tens of thousands of aviation professionals, signalling a major shift in aviation growth toward emerging markets like Nigeria.
He, however, acknowledged that access to affordable aircraft financing has long constrained Nigerian airlines, limiting fleet expansion, route development, and competitiveness.
To address this, the minister said the administration of Bola Ahmed Tinubu has implemented key reforms to de-risk aviation investment, particularly through improved compliance with international leasing frameworks.
According to him, Nigeria has strengthened its implementation of the Cape Town Convention and introduced measures such as the Irrevocable De-Registration and Export Request Authorisation (IDERA), aimed at boosting investor confidence and easing aircraft leasing processes.
He added that the country has also made significant progress in clearing trapped airline funds, with the International Air Transport Association confirming that about 98 per cent of previously blocked funds had been resolved by mid-2024.
“These reforms are critical because capital does not just chase opportunity; it chases certainty”, Keyamo said.
Beyond policy reforms, the minister highlighted ongoing investments in aviation infrastructure, including the modernisation of Lagos airport, as well as efforts to develop local Maintenance, Repair and Overhaul (MRO) facilities to reduce reliance on foreign technical services.
He noted that Nigeria’s aviation ecosystem is also being strengthened through regulatory updates, including the Nigeria Civil Aviation Regulations 2023, and partnerships with global institutions to enhance training, safety, and operational standards.
Keyamo emphasised that aviation must be viewed as a broader economic platform, particularly in the area of air cargo, which accounts for a significant share of global trade value.
He said Nigeria is working to develop cargo hubs, cold-chain systems, and efficient airport ecosystems to support sectors such as agriculture, pharmaceuticals, manufacturing, and e-commerce.
The minister stressed that sustainable growth in the sector will depend on aligning aircraft acquisition with investments in maintenance capacity, workforce development, airport infrastructure, and digital operations.
He called on global financiers, lessors, manufacturers, and development partners to deepen collaboration with Nigeria, noting that the country has taken concrete steps to improve regulatory certainty, investor protection, and operational efficiency.
“Nigeria is ready”, he said, adding that the government is committed to building an aviation ecosystem that is competitive, investable, and globally relevant.
Keyamo concluded that the summit represents a turning point for the industry, where reforms, investment, and strategic partnerships are converging to transform Nigeria’s aviation potential into measurable performance.