Keyamo Tasks Legislators, Private Sector On Nigeria’s Aviation Industry Development
“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.”
These were the words of the Minister of Aviation & Aerospace Development, Barrister Festus Keyamo at today’s Webinar on Repositioning The Aviation Sector In Nigeria For Revenue Generation & Growth: Role of Legislation, organized by Olisa Agbakoba Legal (OAL).
Keyamo said: “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. Nigeria is signatory to about 29 (Twenty-Nine) 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.”
Keyamo equally encouraged the “Nigerian private sector to deepen their collaboration with the Ministry for the growth of the Nigerian aviation Industry. I am optimistic that stakeholders participating in today’s webinar session will build on their enviable track records to come up with appropriate strategies for Repositioning the aviation sector for revenue generation and Growth through the instrumentality of legislation. As a government, we are committed to initiatives and policy inputs that will stimulate investment across the Aviation value chain.”
The Minister reintegrated commitment to the Key Performance Index (KPI) he has set for himself saying “we are already looking at focus areas which are encapsulated in a five-point agenda namely Strict Compliance with national laws and regulations; and international obligations, Improvement and Development of Infrastructure for Passenger Convenience, Support for the growth and sustenance of Local Airline Businesses, Human Capacity Development and Optimization of Revenue Generation.
He noted that as part of measures to optimize revenue for the Federal Airports Authority of Nigeria (FAAN), waivers of FAAN stickers and some payments for certain categories of VIPs, which had limited FAAN’s revenue generation at one of its gates in Lagos would be reviewed as the N100 million per month generated from that point needs to increase to N240 million.
On the challenge of encouraging foreign investors to come to the sector amidst negative image, Keyamo assured that having worked with the Economic & Financial Crimes Commission (EFCC) on prosecution of some Ministers over the years, underhand dealings by agencies and practices that impeded the industry’s growth in the past would not be accommodated under his watch.
The Minister further stated that “an efficient air transport contributes to economic growth and development. Data from the National Bureau of Statistics (NBS) shows that Aviation Sector has contributed about 117 billion naira which is 4% to the National GDP in the first quarter of 2022. It supports about 200,000 jobs and pays about 8.5 billion naira in tax annually.
The Nigerian aviation industry is going through a new round of transformation and adjustment. To actualize the five-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.”