The Minister of Aviation and Aerospace Development, Festus Keyamo, recently announced that the Federal Government is determined to make Nigeria the aviation hub of Africa. This means that Nigeria aims to become a central and important location for aviation activities in the continent.
In order to achieve this goal, the government plans to address various challenges in the aviation industry to attract foreign investors. Some of the measures being considered include:
- Improving the CAT III landing system at major airports
- Constructing a second runway in Abuja
- Implementing airport improvement programs through concessions
- Partnering with companies to transform major airports into aerotropolis
The government is also keen on attracting major players in aircraft leasing and head lessors to invest in Nigerian airlines. By doing so, they aim to provide state-of-the-art aircraft and enhance the aviation business in the country.
The government is committed to enforcing contract agreements and protecting the rights of investors. Nigeria is a signatory to the Cape Town Convention, which ensures that international obligations are upheld.
Maintenance, Repair and Overhaul (MRO) facility is another critical component that can contribute to making the Nigerian aviation industry a hub on the continent. The government recognizes the shortage of qualified engineers and is willing to provide support for the establishment of a world-class MRO facility and training organization.
One of the setbacks faced by entrepreneurs in Nigeria is the fluctuation of foreign exchange and its availability. The current administration is committed to ensuring that forex is readily available to entrepreneurs. The Central Bank of Nigeria (CBN) will hold quarterly reconciliation meetings to address this issue.