Minister of Aviation and Aerospace Development Festus Keyamo says President Bola Tinubu has approved a $500 million investment to rebuild Lagos airport and position it as a major aviation hub on the continent.
Speaking at the opening ceremony of the Invest Lagos 3.0 summit on Monday, Keyamo said the federal government was undertaking a major transformation of the airport infrastructure in Lagos as part of efforts to strengthen the state’s 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,” Keyamo said.
He said the investment would modernise the airport, which he noted was 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.
Keyamo said Lagos already occupied a dominant position in Nigeria’s aviation sector, handling most of the country’s international passenger traffic.
“67% of the passengers come in through Lagos State,” he said.
According to the minister, Lagos 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’s location places it 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.
Keyamo also disclosed that the federal government was working with the Lagos State Government to extend the rail line that currently terminates 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 said the combination of airport redevelopment, improved connectivity and government support for investors would strengthen Lagos’ position in the aviation sector.
“Lagos is just ready for the next big step in terms of its aviation activities,” Keyamo said.
The minister also invited investors to participate in aviation projects in the state, including plans for 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 designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development and economic partnerships.
The summit features discussions on Lagos as Africa’s global gateway, technology and innovation, investment opportunities, urban development, global partnerships, talent, culture, energy and sustainability
