The removal of the fuel subsidy has enabled the Federal Government to raise about $500m for the reconstruction of the Lagos airport and other aviation infrastructure, the Minister of Aviation and Aerospace Development, Festus Keyamo, has said.
Keyamo disclosed this on Monday in Lagos while speaking at the 67th anniversary of Aero Contractors Airline, where he highlighted the investments made in the aviation sector under President Bola Tinubu’s administration.
Responding to a question on the state of the industry under the Renewed Hope Agenda, the minister said the funds for the infrastructure projects were not obtained through borrowing.
According to him, the administration’s economic reforms had improved Nigeria’s liquidity and strengthened its foreign reserves, creating conditions that made it easier to attract capital for major infrastructure projects.
“The President raised $500m to rebuild the Lagos airport. Not money borrowed, because we were able to do what we should do. Our liquidity rose. Our foreign reserves also rose from $3bn to $56bn now,” Keyamo said.
He added that improved economic conditions had also increased investor confidence in Nigeria, with more investors showing interest in the country.
Defending the administration’s position, the minister argued that stronger macroeconomic indicators and foreign reserves were necessary to attract the investment required to expand infrastructure and create employment.
He dismissed arguments that improved foreign reserves offered little relief to Nigerians facing economic hardship, describing such criticism as an attempt to exploit public sentiment.
“People say, ‘What will foreign reserves do for the economy? People are hungry.’ You know, this is the cheap talk they engage in to play on cheap sentiment,” he said.
Keyamo maintained that Nigeria’s priority should be to create an environment capable of attracting investors who can bring capital, build infrastructure and generate employment.
He said sustainable employment could not be achieved through government declarations alone, stressing that jobs were ultimately driven by investment and infrastructure development.
“Jobs don’t fall from heaven, jobs come as a result of either the infrastructure you are building or investments. That is how jobs are created,” he said.
Beyond the Lagos airport reconstruction, Keyamo said the administration was pursuing other major aviation infrastructure projects across the country.
He disclosed that Tinubu had approved the return of China Civil Engineering Construction Corporation (CCECC) to the Abuja airport project to construct the long-awaited second runway at the Nnamdi Azikiwe International Airport.
“The President is not only stopping at rebuilding Lagos International Airport. Mr President has also approved that CCECC go back to build the second runway in Abuja now,” he said.
The minister recalled that the Abuja runway project had previously stalled following concerns over its cost. He said the project was estimated at about N45bn when it was initially proposed, but opposition to the expenditure contributed to the delay.
Keyamo said the cost had since risen substantially, with the project now estimated at nearly N500bn.
“The National Assembly fought that project because they said that N45bn was too much to spend on the second runway,” he said.
He argued that the delay demonstrated the cost of postponing critical infrastructure, insisting that investment in aviation infrastructure would strengthen the sector and support wider economic growth.
Keyamo reiterated that attracting investment, improving infrastructure and creating investor confidence remained central to the administration’s strategy for generating sustainable jobs.
