Work on Abuja airport's additional runway resumes after delay – Keyamo

Minister of Aviation and Aerospace Development, Mr Festus Keyamo, has announced that President Bola Tinubu has given the green light for the resumption of construction works on the second runway at Abuja airport, a project that was halted in 2024 due to a proposed revised contract sum of N532 billion, up from N90 billion, as a result of inflation and high foreign exchange rates.

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The decision to stop the project was made due to the volatility of the Naira, but with the President's approval, work is set to resume, and the second runway is expected to be completed soon, according to Keyamo, who spoke at the Nigerian Aircraft Acquisition and Investment Summit, NAAIS, in Lagos.

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Keyamo expressed concern over the dominance of foreign airlines in Nigeria, with over 460 international flight frequencies per week, while Nigerian airlines struggle to access the same routes and markets due to limited fleet capacity and financing challenges.

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He emphasized the need for global financiers, lessors, original equipment manufacturers, OEMs, development partners, insurers, and investors to partner with Nigeria, assuring them that all necessary reforms have been implemented to boost their confidence.

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Keyamo stressed the importance of partnerships that provide affordable aircraft financing, support fleet renewal and expansion, and strengthen maintenance, training, and technical capability in the country's aviation sector.

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He noted that Nigerian airlines have reciprocal rights to service routes under bilateral air service agreements, but are hindered by their limited capacity to acquire aircraft and equipment, making it essential to empower local airlines.

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Airbus' Global Market Forecast 2024 projects that Africa will require approximately 1,460 new aircraft between 2024 and 2043 to meet rising demand driven by urbanization and a growing middle class in Africa.

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Boeing, on the other hand, forecasts that Africa will need 1,205 new aircraft deliveries, with air traffic on the continent growing at about six per cent annually to 2024, driving a demand for about 76,000 additional aviation personnel.

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This growth in demand signals a shift in the centre of gravity of future aviation growth towards emerging markets, with Nigeria's geography, population, and economic relevance making it an important player in this shift.

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For decades, access to affordable and dependable aircraft financing has been a significant constraint for Nigerian operators, limiting fleet deployment, constraining route development, weakening competitiveness, and increasing operating costs.

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Without modern and efficient fleets, Nigerian airlines cannot compete sustainably, and without financing certainty, they cannot scale, making it essential to address these challenges to ensure the growth and development of the aviation sector.