Minister of Aviation and Aerospace Development, Festus Keyamo, and other industry leaders have emphasized the need for innovative funding models to drive growth in Nigeria’s aviation sector. Speaking at the South West Regional Air Transport Summit (SWRATS) 2024, they advocated for infrastructure concessioning, joint ventures, and the creation of development funds to revitalize the sector.
Represented by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Oluwaseun Olubunmi Kuku, Keyamo underscored the importance of public-private partnerships and private equity investments to enhance the industry’s infrastructure and capacity. He highlighted that the aviation sector’s growth would be bolstered through collaborations with private sector players, as Nigeria aims to transition from dependence on internally generated revenue.
The summit’s theme, “Repositioning the Nigerian Aviation Industry for Financial Capacity and Economic Viability: An Inclusive Regulatory Dialogue,” brought together experts who discussed service shortfalls, poor passenger experiences, and the need for better funding mechanisms. Captain Chris Najomo, Director General of the Nigeria Civil Aviation Authority (NCAA), praised the minister’s efforts to engage aircraft manufacturers and leasing companies, which has improved confidence in the sector.
Dr. Jekwu Ozoemene from the Alternative Bank also called for the establishment of an Aviation Development Fund to bridge the financial gaps in airport infrastructure and navigation facilities. Keyamo echoed this sentiment, emphasizing the need for strategic private-sector involvement and better aircraft lease agreements to reduce flight delays and improve the sector’s overall performance.
The summit concluded with a call for a review of civil aviation regulations, financial management, and the adoption of technology to enhance revenue generation and operational efficiency.
