Nigeria Allocates $500 Million to Rebuild Major Airports
Minister Festus Keyamo announced $500 million in non-borrowed funds for airport reconstruction following the removal of fuel and foreign exchange subsidies.
Minister of Aviation and Aerospace Development Festus Keyamo announced that the Nigerian government has raised $500 million to rebuild the Lagos airport and other critical aviation infrastructure. Speaking at the 67th anniversary of Aero Contractors in Lagos, Keyamo stated the funds were not borrowed but were generated through savings from the removal of fuel and foreign exchange subsidies under President Bola Tinubu's administration.
Keyamo attributed the available capital to improved liquidity and a surge in foreign reserves, which rose from $3 billion to $56 billion. He argued that this macroeconomic stability is the only sustainable way to create jobs and attract foreign investors. The funding will support the reconstruction of the old terminal at Murtala Muhammed International Airport in Lagos, runway reconstruction at Kano airport, and projects in Port Harcourt and Akure.
Additionally, President Tinubu approved the return of the China Civil Engineering Construction Corporation to build a second runway at Nnamdi Azikiwe International Airport in Abuja. Keyamo noted that the project's estimated cost has increased from N45 billion to nearly N500 billion due to previous delays. In response to the announcements, Aero Contractors CEO Captain Ado Sanusi urged the government to place aviation more strategically at the center of the Renewed Hope agenda to maintain market share against neighboring countries.
