FG to lure investors with aircraft maintenance facility, leasing firm, others

Festus Keyamo, the Minister, the Ministry of Aviation and Aerospace, has said that to attract foreign investors, the federal government is looking at setting up an aircraft leasing company and maintenance organisation and making foreign exchange available.

Keyamo said most of these projects, which is already on it’s roadmap, will help the current administration in its vision of making Nigeria the aviation hub of Africa.

Speaking during the 7th Africa Aviation Summit and Exhibition, the minister assured that the government will ensure enforcement of contract agreement and the rights of investors and all parties are protected; and Nigeria being a signatory to the Cape Town Convention will uphold international obligations.

Keyamo said the Maintenance, Repair, and Overhaul (MRO) facility is another critical aspect that can make the Nigerian aviation industry a hub on the continent, adding that with the shortage of qualified engineers, the current administration is willing to provide all the necessary support for the establishment of world-class MROs and training organization.

The minister assured that the current administration is committed to ensuring that forex is readily available to entrepreneurs.

He said the president has directed that the Central Bank of Nigeria (CBN) hold quarterly reconciliation meetings to resolve this issue.

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“The current administration is open to providing tax holidays to encourage existing and new entrants into the Nigerian aviation sector.

“We will upgrade of the Cat3 landing system at major airports, construct a second runway in Abuja, and improve airport programmes through concession and the government’s willingness to partner with companies to turn major airports into Aerotropolis,” the minister added.

He explained that 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 most significant contributors to the advancement of modern society and a key instrument for achieving the United Nations Sustainable Development Goals (SDGs).

He said these underscore why the world was significantly impacted when the pandemic and other global occurrences disrupted international aviation.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.