Festus Keyamo, Minister of Aviation and Aerospace Development, says current reforms in the sector will ensure an efficient and investor-friendly aviation industry.
Keyamo made the assertion on Wednesday in Lagos at the Nigeria Civil Aviation Authority (NCAA) South-West Regional Air Transportation Summit (SWRATS) 2024.
The summit had the theme: “Repositioning the Nigerian Aviation Industry for Financial Capability and Economic Viability: An Inclusive Regulatory Dialogue”.
Read also: Toyota to invest $500 million in Joby Aviation’s air taxis
Keyamo was represented by Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN). The minister highlighted the critical role of aviation in economic growth, saying that aviation connected Nigeria to foreign markets.
According to him, a well-developed aviation sector can attract foreign investments and grow industries such as logistics, travel and tourism.
“In essence, the success of the aviation sector directly impacts the overall economic health and global standing of Nigeria. However, to fully harness this potential, we must confront our challenges and embrace transformative strategies,” he said.
The minister emphasised the need for modernisation of Nigerian airports and investment in technologies. He also urged regulatory reforms to encourage local and international investments.
He called for huge investment in the training and development of aviation professionals, adding that strategic partnerships and financial prudence were needed.
Keyamo said that adopting prudent financial practices, reducing operational costs and exploring new revenue streams would enhance sustainability.
The minister, however, said that Nigeria had achieved notable milestones in the sector, specifically about the Cape Town Convention and ratings.
“Notable is the Cape Town Convention, and you all see that we have improved our aviation working group rating from about 49.5 per cent to over 70 percent.
Read also: Nigeria must improve regulations to harness aviation industry potential Mgbachi
“This means that there is renewed confidence in this economy: access to better financial instruments for our airlines.
“We will see over the next few years an increase in the fleet size in our market which will allow us to take better opportunities in reciprocating on the Bilateral Air Service Agreements that we have.
“It would also reduce the number of flight delays due to capacity issues that we have in the market today,” he said.
He added that repositioning the aviation industry required a concerted effort from all stakeholders – government, private sector and international partners. The summit had industry professionals in attendance.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
