The fuel subsidy removal has helped Nigeria increase investment in aviation infrastructure, according to Aviation Minister Festus Keyamo. He said the government raised about $500 million for the Lagos airport rebuild and other key projects within two years.
Keyamo spoke at Aero Contractors’ 67th anniversary in Lagos on Monday. He said the government did not borrow the money for the Lagos airport project. Instead, he linked the funding to stronger liquidity and higher foreign reserves.
“The President raised $500m to rebuild the Lagos airport. Not money borrowed,” he said.
Keyamo also claimed Nigeria’s reserves rose from $3 billion to $56 billion. However, the subsidy removal remains controversial among Nigerians. Critics link it to higher food, transport and living costs. Keyamo argued that stronger reserves and economic stability can attract foreign investors.
“Jobs don’t fall from heaven; jobs come as a result of either the infrastructure you are building or investments,” he said.
He urged Nigerians to focus on investment, infrastructure and job creation. Meanwhile, the Lagos airport project forms part of a wider aviation upgrade. Keyamo said President Bola Tinubu also approved the return of China Civil Engineering Construction Corporation (CCECC) to Abuja. The company will build the long-delayed second runway at Nnamdi Azikiwe International Airport.
Keyamo said the project once faced opposition because its estimated cost stood at N45 billion.
“Fifteen years later, or maybe 20 years later, it is now costing us nearly ₦500bn,” he said.
Aero Contractors’ managing director also called for greater government focus on aviation. He said aviation can drive trade, tourism, investment and employment across Nigeria.
Ultimately, the government sees aviation investment as a key driver of Nigeria’s economic growth. The success of these projects will depend on execution, funding and their impact on jobs and businesses.
