Keyamo says aviation financing critical to Africa’s economic integration

Aviation minister Festus Keyamo says sustainable aviation financing is critical to Africa’s economic integration and development.

Mr Keyamo said this in an interview at the 2026 Annual Meetings of the African Development Bank Group in Brazzaville, Republic of Congo. He said Nigeria signed a Letter of Intent with the Bank under its Integrated Aviation Transformation Programme aimed at modernising African airlines and strengthening regional connectivity.

According to him, the programme seeks to provide affordable long-term financing for African carriers to renew fleets and improve competitiveness.

“This is one of the most ambitious aviation programmes in Africa. It seeks to modernise fleets, invest in aviation infrastructure and provide financing platforms for African airlines,” he said.

Mr Keyamo said Nigeria was among the first countries to key into the initiative because of its strategic position as Africa’s largest aviation market. He said the federal government recently secured approval to establish a Nigerian aircraft leasing company to mobilise capital for local airlines.

The minister said the special-purpose vehicle would help domestic carriers modernise their fleets and compete at the regional and international levels.

“Africa must have a single sky. Even the African Continental Free Trade Area cannot fully succeed without stronger air connectivity across the continent,” he said.

Mr Keyamo also said Nigeria committed $500 million to modernising the Lagos airport without external borrowing. According to him, the Lagos airport accounts for about 67 per cent of passenger traffic into Nigeria annually.

He said modernising airports across Africa would attract global investments and position the continent as a major global aviation hub.

Mike Salawou, the director of infrastructure and urban development at the AfDB, said African airlines faced high financing costs and regulatory barriers.

Mr Salawou said the bank’s aviation programme was designed to support reforms, improve access to affordable capital and strengthen technical capacity within the sector.

“We are already in the implementation stage. Nigeria is leading on reforms and helping to drive aviation transformation in West and Central Africa,” he said.

(NAN)