Minister of Aviation and Aerospace Development Festus Keyamo says President Bola Tinubu has approved $500 million to rebuild Lagos airport and position it as a major aviation hub on the continent.
He made the disclosure on Monday at the opening ceremony of the Invest Lagos 3.0 summit in Lagos.
Keyamo said the federal government is carrying out a major upgrade of airport infrastructure in the city to strengthen Lagos’ role in regional and international air travel.
“The president has approved $500 million, not what he borrowed, (but) from the sweat of the savings of the country to rebuild the airport in Lagos. $500 million,” he said.
Lagos Airport Upgrade To Modern Hub
Keyamo said the investment will modernise the airport, which he said is more than 50 years old.
“It is turning that airport that is 50 years old to a marvelous hub. You’ll be very proud of what you see in Lagos in the next 22 months,” he said.
He said Lagos already handles most of Nigeria’s international passenger traffic.
“67% of the passengers come in through Lagos State,” he said.
According to the minister, Lagos also has a geographical advantage that supports its ambition to become a leading aviation hub in Africa.
“Lagos is well positioned in terms of geography in the whole of Africa to be the hub of the entire African continent,” he said.
He added that the city sits within roughly six hours of key destinations across Africa, Europe, the Middle East and South America.
“That is the equidistant advantage that Lagos also provides as a hub, the whole of Africa,” he said.
Rail Link, Private Airport Plans And Investor Push
Keyamo said the federal government is working with the Lagos State Government to extend the rail line that currently ends at Ikeja to the airport.
“We are working with the Lagos state government to extend that rail line all the way to the international airport,” he said.
He added that the airport rebuild, better transport links and investor support will strengthen Lagos’ place in aviation.
“Lagos is just ready for the next big step in terms of its aviation activities,” he said.
Keyamo also invited investors to back aviation projects in the state, including a private airport in the Lekki corridor.
“I invite you to please invest not only in the federal government-owned airport in Lagos, but the private airport that Lagos state is trying to float in the Lekki corridor,” he said.
The two-day Invest Lagos 3.0 summit, organised by the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, is focused on investment, trade, innovation, infrastructure and economic partnerships.
It also features sessions on technology, urban development, global partnerships, talent, culture, energy and sustainability.
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