•Projects aviation $2.55b revenue by 2029
President Bola Ahmed Tinubu has said that plans are underway to commence aircraft component manufacturing in Nigeria as part of efforts to position the country as West and Central Africa’s aviation hub.

The President, who was represented by the Secretary General of the Federation (SGF), George Akume, at the Nigerian International Airshow yesterday, also said revenue from the Nigerian aviation sector might hit $2.56 billion by 2029.

According to him, the airshow is “a historic event that places Nigeria firmly on the global aviation map and also signifies the country’s entry into the league of nations hosting world-class aviation showcases such as Farnborough, Paris, and Dubai.

Tinubu highlighted the sector’s steady advancement, noting that Nigeria’s aviation industry had evolved from “humble beginnings to global ambitions.”

He said passenger traffic, which reached 15.89 million in 2023, was projected to hit 25.7 million by 2029, with yearly industry revenue expected to rise to $2.58 billion, adding that the Federal Government was aggressively upgrading infrastructure, including a N712 billion refurbishment of the Murtala Muhammed Airport in Lagos and ongoing improvements across six major airports and several runways.

According to him, Nigeria now ranks first in Africa for compliance with international aviation standards, having improved its Cape Town Convention score from 49.5 per cent to 75.5 per cent.

“This achievement allows airlines to access low-cost aircraft financing and boosts investor confidence,” he said. Tinubu also announced that Nigeria had sealed agreements with Boeing and Cranfield University for the establishment of sophisticated Maintenance, Repair and Overhaul (MRO) facilities.

The development is expected to curb the $200 million yearly capital flight currently spent on overseas maintenance.

“Aero Contractors and XEJet are leading this transformation with new hubs in Lagos and Abuja,” he added. In his foreword to the Airshow’s inaugural magazine, Minister of Aviation and Aerospace Development, Festus Keyamo, described the event as “historic” and a bold step toward placing Nigeria on the global aviation exhibition circuit.

“This Airshow is more than an event; it is a statement of intent. It is a bold declaration that Nigeria is ready to lead, innovate, and compete on the global stage,” Keyamo said.