Aviation sector now contributes 2.5 percent to Nigeria’s GDP - Tinubu
By Seun Ibiyemi
President Bola Ahmed Tinubu has disclosed that the aviation sector now has a contribution of 2.5 percent to the nation's Gross Domestic Product (GDP).
Speaking at the Nigerian International Air Show in Abuja, President Bola Ahmed Tinubu, represented by Secretary to the Government of the Federation (SGF), George Akume counted the gains and reforms in the aviation sector under his administration.
According to the President, the Federal Government is modernising the sector through extensive airport and runway renovations, including the ₦712 billion refurbishment of the Lagos Murtala Muhammed Airport.
This is as Nigeria’s aviation sector is on course for significant expansion, with the Nigeria Civil Aviation Authority (NCAA) projecting a rise in annual passenger traffic from 15.89 million in 2023 to 25.7 million by 2029.
Industry revenue is also expected to hit $2.58 billion, driven by ongoing infrastructure upgrades, new Maintenance, Repair and Overhaul (MRO) investments, and enhanced international partnerships.
Highlighting Nigeria's improved ranking as No. 1 in Africa for compliance with international aviation standards, after improving its Cape Town Convention score from 49.5 to 75.5 percent, he said this advancement is enabling Nigerian airlines to access low-cost aircraft financing.
“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. Aero Contractors and XEJet are leading this transformation with new hubs in Lagos and Abuja,” he announced.
On international connectivity, the President noted that Air Peace has resumed its Lagos–London route after five years, while new Bilateral Air Services Agreements (BASAs) have facilitated the return of Emirates and Uganda Airlines to Nigeria.
The nation's aviation sector supported by 20 airports, 23 domestic airlines, and thousands of skilled professionals is moving from “humble beginnings to global ambitions," the President added
In his remarks, the Minister of Aviation and Aerospace Development, Festus Keyamo noted that Nigeria has joined the league of nations hosting world-class airshows key platforms for aviation technology, investment, and policy advancement.
Keyamo said the aviation sector, under the Renewed Hope Agenda, is recording rapid progress.
He outlined achievements including strengthened safety and security oversight by the NCAA, upgrade and recertification of major airports, and deployment of improved safety-critical equipment.
On regulatory reforms, the minister revealed that Nigeria has significantly increased its Cape Town Compliance Index score through effective implementation of the Cape Town Convention and Aircraft Protocol. A landmark achievement, he said, is the operationalisation of the Irrevocable Deregistration and Export Request Authorisation (IDERA), which ensures transparent and swift repossession of aircraft in cases of default boosting investor confidence and expanding access to aircraft leasing.
With ambitious reforms, expanding infrastructure, and growing global partnerships, Nigeria is positioning itself as a leading aviation hub in Africa and a key player in the global aerospace ecosystem.