President Bola Ahmed Tinubu on Tuesday disclosed that Nigeria’s aviation revenue is projected to reach $2.58 billion by 2029, following steady growth in the sector over the years.

Speaking at the opening session of the Nigeria International Airshow in Abuja, the President noted that the Nigerian aviation industry has expanded significantly over time.

He said that, according to statistics, Nigeria handled 15.8 million passengers in 2023. “NCAA projections show that passenger growth will rise to 25.7 million by 2029, with annual revenue expected to reach $2.58 billion in the same year.”

Represented by the Secretary to the Federal Government, Sen. George Akume, Tinubu said the federal government is investing heavily in the modernization of six major airports, including a N712 billion refurbishment of Lagos Airport.

“Nigeria now ranks number one in Africa for compliance with international aviation standards, improving its Cape Town Convention score from 49.5% to 75.5%, enabling airlines to access low-cost aircraft financing.”

Speaking further on Nigeria’s achievements in the aviation sector over the past 100 years, the President stated, “We have signed agreements with Boeing and Cranfield University to establish state-of-the-art MRO facilities, reducing the $200 million annual capital flight for overseas maintenance.

“After five years, a new bilateral air services agreement has brought Emirates and Uganda Airlines back to Nigeria,” he added. “The economic impact of aviation now contributes 2.5% to Nigeria’s GDP, supported by 20 airports, 23 domestic airlines, thousands of skilled professionals, and seven global engagements and partnerships.

“Nigeria is not just hosting its first International Airshow; we are actively participating in global platforms. Recently, Nigeria showcased its aerospace ambitions at the Dubai Airshow, signaling our readiness to collaborate on defense and next-generation technologies.”

He continued, “Our goal is clear: to make Nigeria the aviation hub of Western and Central Africa through public-private partnerships and investment in training centers.

“We are building a sustainable ecosystem that creates jobs, drives innovation, and strengthens our economy. I want to thank our Ministry of Aviation and the Nigeria International Airshow team for making this event happen,” Tinubu noted.

In his welcome address, the Minister of Aviation and Aerospace Development, Festus Keyamo, commended aviation stakeholders for their sacrifices over the years, which have helped the industry grow to its current height.

The Nigeria International Airshow has brought together aviators from across the globe for exhibitions, seminars, and discussions over the next two days.

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