President Bola Ahmed Tinubu says Nigeria’s aviation industry is on course to generate 2.58bn dollars by 2029 as new investments and rising passenger traffic continue to strengthen the sector.
Speaking at the opening of the Nigeria International Airshow in Abuja, the President, represented by the Secretary to the Government of the Federation, Senator George Akume, said the industry processed 15.8 million passengers in 2023. He added that projections by the Nigeria Civil Aviation Authority show that passenger numbers will rise to 25.7 million by 2029 with revenue expected to reach 2.58bn dollars in the same period.
Tinubu said the federal government is upgrading aviation infrastructure across the country and noted that the 712bn naira modernisation of the Lagos airport is part of efforts to reposition Nigeria as a regional hub.
According to him, Nigeria now ranks first in Africa for compliance with international aviation standards after improving its Cape Town Convention score from 49.5 per cent to 75.5 per cent. He said the development has opened access to lower cost aircraft financing for Nigerian operators.
The President listed additional milestones which include new maintenance partnerships with Boeing and Cranfield University aimed at reducing the 200m dollars spent on foreign aircraft repairs each year and the return of Emirates Airlines and Uganda Airlines to Nigerian routes after new bilateral air services agreements.
He said aviation has become a major contributor to economic growth with its impact now accounting for 2.5 per cent of national GDP supported by 20 airports, 23 domestic airlines and thousands of aviation professionals.
Tinubu added that Nigeria is working to establish itself as the aviation hub for West and Central Africa and will continue to pursue investments in training centres and public private partnerships to support that goal.
In his remarks, the Minister of Aviation and Aerospace Development, Festus Keyamo, commended industry stakeholders for their contributions to the growth of the sector and said the Nigeria International Airshow will promote collaboration, innovation and global visibility.
The two day event has attracted aviation players from several countries for exhibitions, seminars and technical sessions.
