The Nigerian aviation industry contributes at least N8.5bn in tax revenues to the Federal Government coffers annually.
The Minister of Aviation and Aerospace Development, Barr. Festus Keyamo, SAN, disclosed this on Tuesday at a webinar on “repositioning the aviation the aviation sector for revenue generation and growth: the of the legislation” organised by Messrs Olisa Agbakoba Legal (OAL).
‘The National Bureau of Statistics (NBS) shows that Aviation Sector has contributed about N117 billion which is 4% to the National GDP in the first quarter of 2022; it supports about 200,000 jobs and pays about N8.5 billion in tax annually” he said..
He said the Tinubu led government is committed to upscaling the achievement by latching on the Renewed Hope Agenda.
According to the minister, the “Nigerian Aviation Industry is going through a new round of transformation and adjustment. To actualize the 5-point Agenda for the growth of the Nigerian Aviation value chain, the Ministry is looking forward to a new phase of partnership and collaboration, by leveraging the immense opportunities in the sector to attract Foreign Direct Investment (FDI) and Joint-Venture Partnerships with heads of international economic organizations, presidents of transnational corporations and principals of leading privately-owned enterprises. “
Barr. Keyamo noted that legislation provides the overarching framework within which the aviation sector operates. It is the bedrock upon which we build our vision for the industry’s future.
“Thus, it is incumbent upon our legislators to draft policies that promote growth, encourage investment, and ensure safety and security. The aviation sector is, first and foremost, a safety and security-critical industry. We ensure, through Legislation, that mandatory safety standards provided by the International Civil Aviation Organisation (ICAO) are incorporated in our national laws.”
“As such, the role of legislation and indeed legislators in Nigeria’s aviation sector is critical for the development, regulation, and growth of the aviation industry in the country. Legislators (comprising the Senate and House of Representatives) of the National Assembly, play various roles to ensure the sector operates efficiently and contributes to Nigeria’s economic development. They have the authority to allocate budgets and approve funding for aviation projects, including airport construction and maintenance, procurement of equipment, and safety enhancements. Ensuring adequate funding is crucial for the sector’s growth and development. Legislators also provide oversight by monitoring the implementation of aviation policies and ensuring that both the Federal Ministry of Aviation and the Nigeria Civil Aviation Authority (NCAA), adhere to regulations and carry out their functions effectively.”
“As the representatives of the people, the legislators hold a unique position in this partnership to ensure that our aviation sector, amongst other sectors reaches its full potential. Repositioning the aviation sector for revenue generation and growth is a collective endeavour, requiring a harmonious partnership between the executive, legislature, and indeed private sector stakeholders” he further stated.
“Nigeria is signatory to about 29 International Aviation Treaties and Conventions. Ratifying these international Treaties and Conventions are made possible through legislation. Legislators play a role in ratifying these agreements, and ensuring that they are domesticated in our national laws, which in effect have significant impacts on international air travel and trade and that Nigeria upholds its international obligations therein. We must remember also that a safe and efficient aviation sector is not just an economic imperative but a moral obligation to the millions of passengers who trust our skies every day” he stated
