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).”
