The Federal Government has established task forces within the Infrastructure Concession Regulatory Commission (ICRC) and the Ministry of Aviation to boost investment in Nigeria’s aviation sector through public-private partnerships (PPPs).
The initiative aims to attract private capital to address infrastructure gaps and stimulate economic growth.
This was disclosed in a statement by Ifeanyi Nwoko, Acting Head of Media and Publicity for the ICRC, released on Tuesday, following a meeting on Monday between Dr. Jobson Oseodion Ewalefoh, ICRC Director General, and Aviation Minister Festus Keyamo in Abuja.
The statement emphasized Dr. Ewalefoh’s view on the aviation sector’s role in economic growth, noting the ICRC’s task force to accelerate PPP investment. In response, the minister established a similar task force to collaborate with the ICRC for the swift execution of infrastructure projects.
“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 revealed that the meeting focused on leveraging new policies and leadership to overcome past challenges in Nigeria’s aviation sector, particularly those that led to PPP-related litigation.
It highlighted renewed optimism for resolving legal issues through a coordinated approach between the ICRC and the Ministry of Aviation, enabling smoother project implementation.
Ewalefoh noted that, like many countries, Nigeria struggles with funding infrastructure but emphasized that the government’s focus on PPPs, under the Renewed Hope Agenda, aims to attract private investment to address these gaps and foster sector growth.
The statement highlighted insights from ICRC’s Director General, Dr. Jobson Oseodion Ewalefoh, on Nigeria’s investment potential in the aviation sector.
He pointed to successful international models, like the UK’s Heathrow Airport, which attracted £16 billion in private investment from 2003 to 2019, and Dakar Airport’s $575 million funding, to illustrate Nigeria’s opportunities.
With over 200 million people, Ewalefoh emphasized that Nigeria could become a leading hub for international travel, provided the right infrastructure is in place. He highlighted the need for close collaboration between the ICRC and the Ministry of Aviation to ensure effective project execution, noting that a robust aviation sector can drive broader economic growth.
He highlighted recent achievements, including the signing of the Cape Town Convention Practice Direction and resolving issues with the UAE, which led to the resumption of Emirates Airlines flights. Ewalefoh emphasized that these actions are crucial for attracting investment and positioning Nigeria as a competitive player in the aviation sector.
The statement highlighted that Aviation Minister Festus Keyamo SAN’s top priority is expediting pending PPP projects, especially focusing on initiatives like cargo terminals. He emphasized the importance of collaboration with the ICRC to ensure timely and efficient project delivery.
Keyamo commended the ICRC’s proactive stance, stressing that this joint effort is aimed at transforming the aviation sector into a significant driver of Nigeria’s economic growth, making it a prime destination for private investment and regional connectivity.