Nigeria to make $2.58bn yearly in Aviation sector, air site visitors projected to hit 25.7m by 2029
The Nigeria Civil Aviation Authority has projected that air passenger site visitors will rise from 15.89 million in 2023 to 25.7 million by 2029, producing annual income of $2.58 billion.
These projections are underpinned by infrastructure upgrades, investments in Upkeep, Restore & Overhaul, enhanced worldwide connectivity, and international partnerships.
Talking on the Nigerian Worldwide Air Present in Abuja, President Bola Tinubu, represented by Secretary to the Authorities of the Federation, George Akume, highlighted the federal government’s heavy funding in airport modernization, together with a ₦712 billion refurbishment of Lagos Murtala Muhammed Airport and upgrades at six main airports with a number of runways.
“Now we have signed agreements with Boeing and Cranfield College to determine state-of-the-art MRO amenities, lowering the $200 million annual capital flight for abroad upkeep. Aero Contractors and XEJet are main this transformation with new hubs in Lagos and Abuja,” he mentioned.
President Tinubu famous Nigeria’s rise to No. 1 in Africa for compliance with worldwide aviation requirements, enhancing its Cape City Conference rating from 49.5 p.c to 75.5 p.c, which now permits airways to entry low-cost plane financing.
On worldwide connectivity, he mentioned Air Peace resumed Lagos–London flights after 5 years, and new Bilateral Air Companies Agreements have introduced Emirates and Uganda Airways again to Nigeria.
In accordance with him, aviation now contributes 2.5 p.c to Nigeria’s GDP, supported by 20 airports, 23 home airways, and hundreds of expert professionals.
“Our objective is obvious: to make Nigeria the aviation hub of West and Central Africa. By means of public-private partnerships, investments in coaching facilities, and plans for plane part manufacturing, we’re constructing a sustainable ecosystem that creates jobs, drives innovation, and strengthens our financial system,” the President added.
Minister of Aviation and Aerospace Improvement, Festus Keyamo, mentioned the occasion marks Nigeria’s entry into the worldwide group of countries internet hosting world-class airshows, platforms that converge aviation innovation, funding, know-how, coverage, and partnerships.
Keyamo highlighted transformative milestones underneath the Renewed Hope Agenda, together with strengthening aviation security and safety, sustaining world-class security rankings, upgrading and recertifying main airports, and deploying enhanced safety-critical gear.
He additionally pointed to ongoing authorities efforts to increase terminals, enhance passenger expertise, rehabilitate and strengthen runways, and introduce cargo and logistics infrastructure reforms to spice up Nigeria’s regional competitiveness.
“Nigeria has additionally considerably enhanced its international standing in plane financing by way of the latest, efficient implementation of the Cape City Conference and the Plane Protocol, resulting in a notable enhance in Nigeria’s Cape City Compliance Index rating.
A significant milestone on this achievement is the operationalisation of the Irrevocable Deregistration and Export Request Authorisation by the Nigerian Civil Aviation Authority, which now ensures swift, clear deregistration and repossession of plane by lessors and financiers in instances of default.
Further authorized reforms have boosted investor confidence, diminished threat perceptions, and expanded entry to plane leasing and financing for Nigerian operators,” Keyamo added.
Nigeria’s aviation journey, he famous, has developed from humble beginnings to international ambitions, because the nation celebrates 100 years of aviation historical past, actively collaborating in worldwide platforms such because the Dubai Airshow.