Minister of Aviation and Aerospace Development, Festus Keyamo, SAN,CON, FCIArb. UK has said investment in the aviation industry would boost trade, tourism, create jobs and spur innovation.
The Minister said the sector plays a critical role in global trade by facilitating swift and efficient transportation of high-value, time-sensitive goods such as electronics, pharmaceuticals, and perishable items.
He said the link between tourism and aviation cannot be overemphasised, stating that the growth witnessed in international tourism is largely driven by the expansion of air travel.
He also said investment in automation and artificial intelligence, would enhance the efficiency and security of air cargo operations, thereby making it an attractive prospect for investors.
The Minister disclosed this in Abuja on Friday while delivering a keynote address at the Nigeria-Middle East Investors Expo and Awards.
The event witnessed participation from investors and stakeholders who indicated readiness’ to explore the potential in Nigeria’s aviation sector.
Keyamo, represented by the Permanent Secretary of the Ministry, Dr. Emmanuel Meribole commended the organizing committee of the Africa Industrial and Development Conference & Award for their dedication and efforts in creating a platform that underscores partnerships and investment opportunities within the aviation industry.
The Minister while stating reasons for investment in the sector noted that Nigeria’s strategic location and infrastructure initiatives places the country as a gateway to West and Central Africa’s vibrant markets.
He added that the impressive growth in passenger traffic and air connectivity in the recent years makes it a great potential for investment.
He said: “Domestic passenger traffic saw a 74% increase between 2020 and 2021, and a 6% rise between 2021 and 2022, surpassing pre-COVID-19 levels by the end of 2022.
“International passenger traffic also demonstrated significant recovery, with a 45% increase between 2020 and 2021 and a 64% rise between 2021 and 2022.”
The Minister expressed confidence in sustaining the growth, emphasizing the lucrative opportunities for investment in airlines, airport infrastructure, and innovative travel technologies.
