President Bola Tinubu has appealed to investors worldwide, encouraging them to consider investing in Nigeria’s Aerotropolis initiatives, with the promise of tax incentives. Tinubu made these remarks during the 2023 African Aviation Conference and Exhibition in Abuja on Wednesday.
In addition to the Aerotropolis projects, the president also urged potential investors to explore opportunities in the proposed Aviation Leasing Company (ALC) and the Maintenance Repair Overhaul (MRO). Furthermore, he emphasised the necessity of infrastructure upgrades at airports operated by the federal government.
The federal government has identified these efforts as essential in realising its long-term goal of establishing Nigeria as the primary aviation hub in Africa.
Representing the president at the event was Barrister Festus Keyamo, the Minister of Aviation and Aerospace Development, who conveyed the administration’s vision, stating, “It is the aspiration of the current government to position Nigeria as the aviation hub of Africa. To attract foreign investment, the government is actively examining various areas for enhancing aviation business in Nigeria.”
Regarding the Aircraft Leasing Company, President Tinubu stated, “The government warmly welcomes major players in aircraft leasing and head lessors to invest in Nigerian airlines, offering state-of-the-art aircraft. We will ensure the enforcement of contract agreements and the protection of investors’ rights, in line with Nigeria’s commitment to the Cape Town Convention and international obligations.”
Addressing the issue of forex availability, the president reaffirmed his administration’s commitment to ensuring the availability of foreign exchange for entrepreneurs. He directed the Central Bank of Nigeria (CBN) to conduct quarterly reconciliation meetings to resolve any related issues.
Furthermore, President Tinubu announced that the Nigeria CBN is open to providing tax holidays to encourage both existing and new entrants into the Nigerian aviation sector. He emphasised his administration’s unwavering support for the industry’s growth and development.