AviationHighlightTop StoryTrending Story

Nigeria will soon be the toast of Africa’s aviation — Keyamo

1.4k

Festus Keyamo, the Minister of Aviation and Aerospace Development, says the Federal Government plans to revamp the aviation industry and make Nigeria the hub of Africa air space.

Keyamo made this know at the 7th edition of the Aviation Africa Summit and Exhibition 2023 this on Wednesday in Abuja.

He said President Tinubu’s administration is open to providing tax holidays to encourage existing and new entrants into the Nigerian Aviation sector.

The scarcity and fluctuation of foreign exchange (forex) in Nigeria took a toll on the aviation industry with Nigeria owing $812.2 million out of $2.27 billion trapped funds by foreign airlines, making it the country with the highest figure of trapped funds globally.

Keyamo said the government was aware of the setbacks faced by entrepreneurs due to “fluctuation of foreign exchange and its availability,” but assured of the government’s commitment in resolving the issue.

He said: “This administration is committed to ensuring that forex is readily available to entrepreneurs and I have directed that the Central Bank of Nigeria (CBN) holds quarterly reconciliation meetings with a view to resolve this issue.

“With the shortage of qualified engineers, the current administration is willing to provide all the necessary support for the establishment of a world class Maintenance, Repair and Overhaul (MROS) and training organisation.”

Persecondnews earlier reported that Nigerian carriers spend over $1.5 billion annually on aircraft maintenance, ferrying the aircraft overseas, allowances for the crew, foreign exchange and the delays encountered in getting a slot for maintenance.

Keyamo said: “The government is already looking at the Aircraft Leasing Company, Aircraft Maintenance Organisation, Forex availability and Tax holidays to improve the aviation business in Nigeria.

”This includes upgrading of the Cat3 landing system, at major airports, construction of the second runway in Abuja, airport improvement programmes through concession and government willingness to partner with companies to turn major airports into Aerotropolis.

“The government welcomes major players in aircraft leasing and Head lessors to invest in Nigeria airlines to provide state of the art aircraft.

” I wish to reiterate that my administration, will continue to sustain the support being given to the industry.

“I firmly believe that as key players and decision makers, this summit will provide the required atmosphere for you to discuss, and identify recovery strategies that would attract private investors to support the funding of infrastructure projects.

“By building a transparent, stable and predictable investment climate, as well as include aviation in the continent’s national development plans.”

Keyamo said the continued promotion of collaboration, knowledge sharing, and business development within the African aviation community would address all the significant and structural challenges.

He added: “Having this unique and important event for the seventh time demonstrates the organizer’s determination and interest to support the sustainable development of air transport in Africa.

“I therefore wish to take this opportunity to appreciate Times Aerospace Limited, which has been the champion of the Aviation Africa Summit as well as making Nigeria the first country to host this noble event in West Africa.

“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 greatest contributors to the advancement of modern society and a key instrument for achieving the United Nations Sustainable Development Goals (SDGs).”

Leave a comment

Related Articles

Rodri Brushes Off Vinicius, Real Madrid at Ballon d’Or ceremony

Recently crowned 2024 Ballon d’Or winner Rodri has downplayed the absence of...

VP Shettima, Govs. Sanwo-Olu, Abiodun, others witness Okpebholo’s inauguration as Edo Governor

Vice President Kashim Shettima, Lagos Gov. Babajide Sanwo-Olu, his Ogun counterpart, Dapo...

Super Eagles Land in Abidjan, Gear Up for Benin Republic Clash

The Nigerian national football team, the Super Eagles, has arrived in Abidjan,...

Nigeria signs $1.2bln deal with CNCEC to revive aluminium smelter

Nigeria has taken a significant step towards reviving its dormant aluminium smelter...

VP Shettima Arrives in Benin City for Edo Governor’s Inauguration

Vice President Kashim Shettima has arrived in Benin City, Edo State capital,...

Breaking: Powerful explosion rocks Jos, many people feared dead

A devastating explosion shook the city of Jos on Tuesday morning, sending...

NNPC Ltd. boss, Mele Kyari, thrashes allegation of sabotaging Dangote Refinery as baseless

Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National...

Infanticide: US places $25,000 bounty on fleeing Nigerian parent

The United States of America has offered a $25,000 reward for anyone...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NNPC Ltd. Unveils Plan to Resolve Nigeria’s Energy Trilemma

Nigerian National Petroleum Company Limited (NNPC Ltd) Group CEO, Mr. Mele Kyari,...

Tinubu Calls for Immediate End to Israeli Aggression in Gaza, Supports Two-State Solution

President Bola Tinubu has called for an immediate cessation of Israeli aggression...

Breaking: IPMAN Secures Direct Supply Deal with Dangote Refinery, Promises Steady, Affordable Fuel Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a landmark...

“Operation Sweep”, FCT demolition squad, faces backlash from residents, Wike reacts

The recent demolition exercise by “Operation Sweep”, a task force set up...

Nov. 16 Ondo guber poll: Sensitive election materials arrive

Ahead of the Saturday, October 16 governorship poll in Ondo State, sensitive...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

N5.4trn subsidy savings, bolster for nation’s infrastructure, social programmes – Onanuga

The Presidency has announced that the estimated N5.4 trillion saved from subsidy...

Vandals destroy TCN towers, disrupt power supply in Abuja

The Transmission Company of Nigeria (TCN) has reported a fresh attack on...

Amid opposition, Kano Rep. Jibrin promises to push Tinubu’s tax reform bills through in NASS

In spite of growing opposition to President Bola Tinubu’s controversial tax reform...

FCT Police bust notorious car theft syndicate, arrest suspect, recover 3 vehicles

The Federal Capital Territory (FCT) Police has confirmed the arrest of a...

Osimhen’s Brace Powers Galatasaray to 3-2 Win Over Samsunspor

Nigerian striker Victor Osimhen led Galatasaray to a thrilling 3-2 victory over...