The Minister of Aviation and Aerospace Development, Festus Keyamo, has said the Murtala Muhammed International Airport (MMIA) in Lagos generates over N200 billion annually and can recoup the N712.26 billion earmarked for its upgrade within three years.
Keyamo stated this in response to a question on the project’s return on investment during an interview on Channels Television’s Sunday Politics.
He explained that the airport is financially self-sustaining and one of the few viable airports in the country. He added that the upgrade will be funded through the Renewed Hope Infrastructure Fund, not external loans or the national budget.
“We make about N200 billion annually from Lagos alone. In three years, we’ll recover the entire cost of the MMIA upgrade. That’s why we’re confident this investment is justified,” he said.
The N712.26 billion allocated for the Lagos airport redevelopment is part of a broader N987 billion infrastructure package recently approved by the Federal Government for comprehensive upgrades across airports in the country.
Keyamo added that only the Lagos, Abuja, and Kano airports currently generate sufficient revenue to cover their operational costs, with income from Lagos frequently used to subsidise underperforming airports nationwide. He noted that Lagos alone accounts for 67% of all passenger traffic in and out of Nigeria, highlighting its strategic importance within the country’s aviation ecosystem.
The planned overhaul of the Murtala Muhammed International Airport (MMIA) is designed to position Lagos as a competitive transit hub in West Africa, alongside cities like Addis Ababa, Cairo, and Casablanca.
The upgraded terminal will support seamless international connections, enabling transit passengers to switch flights without passing through immigration or needing a Nigerian visa.
Keyamo emphasised that modernising aviation infrastructure will reduce airline operating costs, improve the passenger experience, and drive broader economic growth.
He highlighted the poor condition of MMIA facilities, including nonfunctional air conditioning, broken lifts, faulty carousels, and poorly maintained restrooms, stating that piecemeal repairs have failed. This, he explained, is why the government is pursuing a complete rebuild using modern, durable systems with readily available parts.