The Federal Government has wooed global investors to invest in Nigeria’s Aerotropolis Project promising tax breaks, and other incentives.
The FG also called for investments into the proposed Aviation Leasing Company (ALC) and the Maintenance Repair, Overhaul (MRO) facility and infrastructure upgrade of the federal government-operated airports.
The federal government said these efforts are imperative towards meeting the target of making Nigeria the aviation hub of Africa in the long term.
President Bola Ahmed Tinubu made this commitment on Wednesday in Abuja at the 7th/2023 edition of the African Aviation Conference and Exhibition.
The President was represented at the event by the Minister of Aviation and Aerospace Development, Barr. Festus Keyamo, SAN.
“It is the Vision of this current administration to make Nigeria the Aviation hub of Africa. In order to attract foreign investors the government is already looking at the following areas to improve Aviation business in Nigeria” the president commited.
He said a number of infrastructures will be upgraded. “This includes upgrading of the Cat3 landing system, at major airports, construction of the second runway in Abuja, airport improvement programmes through Concession, and government willingness to partner with companies to turn major airports into Aerotropolis.”
On Aircraft Leasing Company he said the “Government welcomes major players in aircraft leasing and head lessors to invest in Nigeria airlines to provide state of the art aircraft. the government will ensure enforcement of contract agreement and the rights of investors and indeed all parties are protected, and Nigeria is a signatory to the Cape Town Convention will uphold international obligations” the president stated.
Mr. Tinubu also noted that “Maintenance, Repair, and Overhaul (MRO) facility is another critical aspect that can make the Nigerian aviation industry a hub on the continent. 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.”
On the vexed issue of forex availability, the president also committed that his administration is committed to ensuring that forex is readily available to entrepreneurs he has directed that the Central Bank of Nigeria (CBN) holds quarterly reconciliation meetings with a view to resolving this issue.
He also said Nigeria CBN “is open to providing tax holidays to encourage existing and new entrants into the Nigerian Aviation Sector. I wish to reiterate that my administration, will continue to sustain the support being given to the industry.”
Speaking on the import of the summit he said ‘I firmly believe that as key players and decision-makers, this Summit will provide the required atmosphere for you to discuss, and identify recovery strategies that would attract private investors to support the funding of infrastructure projects by building a transparent, stable and predictable investment climate, as well as include aviation in the continent’s national development plans.”
