The Federal Government has formed task forces within the Infrastructure Concession Regulatory Commission and the Ministry of Aviation to enhance investment in Nigeria’s aviation sector through public-private partnerships.
This initiative aims to attract private capital, address infrastructure challenges, and stimulate economic growth within the industry.
This was disclosed in a statement by the Acting Head of Media and Publicity for the ICRC, Ifeanyi Nwoko, released on Tuesday, following a meeting on Monday between Dr. Jobson Oseodion Ewalefoh, ICRC Director General, and Aviation Minister Festus Keyamo in Abuja, according to Nairametrics.
The statement highlighted Dr. Ewalefoh’s perspective on the aviation sector’s crucial role in driving economic growth, underscoring the ICRC’s task force aimed at accelerating PPP investments.
In response, the minister established a complementary task force to work alongside the ICRC, facilitating the rapid execution of key infrastructure projects in the sector.
In its bid to unlock the economic potentials of the aviation sector through investment in Public Private Partnerships (PPPs), the Federal Government has established task forces in the Infrastructure Concession Regulatory Commission (ICRC), and the Ministry of Aviation,” the statement read in part.
The statement further revealed that the meeting aimed to leverage new policies and leadership to address past challenges in Nigeria’s aviation sector, particularly those resulting in PPP-related litigation.
It expressed renewed optimism for resolving legal issues through coordinated efforts between the ICRC and the Ministry of Aviation, facilitating smoother project implementation.
Ewalefoh acknowledged that, similar to many countries, Nigeria faces funding challenges for infrastructure but emphasized that the government’s focus on PPPs under the Renewed Hope Agenda seeks to attract private investment to fill these gaps and promote growth in the sector.
The statement highlighted insights from ICRC’s Director General, Dr. Jobson Oseodion Ewalefoh, on Nigeria’s investment potential in the aviation sector.
He cited successful international models, such as the UK’s Heathrow Airport, which attracted £16 billion in private investment from 2003 to 2019, and Dakar Airport’s $575 million funding, to showcase Nigeria’s potential for similar success.
With a population exceeding 200 million, he stressed that Nigeria could emerge as a leading hub for international travel if adequate infrastructure is developed.
He emphasized the necessity for close collaboration between the ICRC and the Ministry of Aviation to ensure effective project execution, asserting that a strong aviation sector is essential for driving broader economic growth.
He highlighted recent achievements, including the signing of the Cape Town Convention Practice Direction and the resolution of issues with the UAE, which facilitated the resumption of Emirates Airlines flights. He stressed that these developments are vital for attracting investment and enhancing Nigeria’s competitiveness in the aviation sector.
The statement also noted that Aviation Minister, Festus Keyamo prioritizes expediting pending PPP projects, particularly initiatives like cargo terminals.
He underscored the importance of collaborating with the ICRC to ensure timely and efficient project delivery.
