Nigeria’s Aviation Sector Needs Strategic Investments to Reach Full Potential, Says Minister

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, says airport viability is important in driving the success of the aviation industry.

This is just as the minister stressed that airports are the heartbeat of the aviation ecosystem, connecting cities, regions, and countries, and facilitating the movement of goods and people.

Mr. Keyamo who stated this while declaring open the 3-day 9th Airport Business Summit and Exhibition in Lagos said, airport viability is not just a priority but a necessity for any ambitious aviation business.

Speaking on the Theme: “Airport Viability is Key to Successful Aviation Business Ambition”, he defined airport viability as the ability of airports to operate sustainably, profitably, and efficiently while delivering high-quality services to passengers and stakeholders.

The Minister represented by the Permanent Secretary, Dr. Emmanuel Meribole noted that only three out of the 22 airports managed by the Federal Airport Authority of Nigeria (FAAN) are profitable, with Lagos Airport being the most viable.

“However, looking at all the indices of Viability, it is probably Lagos Airport that is viable. Airports must be financially self-sufficient, with diverse revenue streams that can weather fluctuations in passenger traffic and external shocks”.

However, he emphasized that by focusing on airport viability, the country can unlock broader economic benefits, boost international competitiveness, and enhance connectivity.

To achieve this, the Minister outlined five focus areas for the aviation sector, including sustainable financial models, public-private partnerships, infrastructural development, aviation human capital development, and eco-friendly practices and policies.

He also emphasized the importance of fostering partnerships and collaborations among industry stakeholders, government authorities, and local communities.

“Without strong, efficient, and sustainable airports, the aviation industry will struggle to reach its full potential. But with strategic investments, innovative approaches, and collaborative efforts, we can ensure that airports continue to be dynamic engines of growth and opportunity for the entire aviation ecosystem”.

Mr. Keyamo charged experts and delegates to work towards developing actionable plans to enhance airport viability and propel Nigeria’s aviation sector towards greater prosperity, resilience, and excellence.

“As we look to the future, let us work together to build airports that are not only viable but also resilient, sustainable, and equipped to meet the challenges and opportunities of tomorrow”.