Minister of Aviation and Aerospace Development, Mr Festus Keyamo, alongside industry experts on Wednesday affirmed that the country’s aviation sector needs a paradigm shift in its funding models that will turn aide it turn around and ensure it growth.
According to them, the leap the industry urgently needs must be centered around the concessioning of the infrastructure, adopting joint ventures and the setting up of funds to drive the development and sustainability of the sector.
Speaking at a day stakeholders South West Regional Air Transport Summit (SWRATS) put together by the Nigeria Civil Aviation Authority (NCAA), speakers canvassed for a shift from reliance on internally generated revenues and the injection of private equity, public private partnership and similar models to revamp the sector.
Mr. Keyamo explained the need to review the funding models to pave the way for concession, joint ventures and other interventions that will boost private sector investment.
The Minister, who was represented by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs Oluwaseun Olubunmi Kuku, said the industry’ growth would be enhance with strategic partnership with private sector players.
Speaking of the summit, Director General of NCAA, Captain Chris Najomo said with the theme: “Repositioning the Nigerian Aviation Industry for Financial Capacity and Economic Viability : An Inclusive Regulatory Dialogue”, the event together to address service deficiencies and poor passenger experiences stemming from inadequate funding.
He said current efforts by the Minister to engage aircraft manufacturers and aircraft leasing companies has engendered more confidence for Nigerian operators.
Also speaking, Chairman , Senate Committee on Aviation, Abdulfatai Buhari said the upper legislative chambers is working on a bill that will mandate Nigerian airlines to have between four to five aircraft before they can start operations.
On his part, Dr. Jekwu Ozoemene , of the Alternative Bank canvassed the establishment of an Aviation Development Fund to cater to the huge funding gaps in the sector covering airport infrastructure and airport navigation facilities.