FG Revives Abuja Airport Runway Project Amid N532bn Cost Surge

Festus Keyamo, Minister of Aviation and Aerospace Development, on Wednesday disclosed that President Bola Tinubu has approved the resumption of construction on the second runway at Nnamdi Azikiwe International Airport.

The project was halted in 2024 after the contractor proposed a revised cost of N532bn, a sharp increase from the initial N90bn, citing inflation and foreign exchange volatility.

Speaking at the Nigerian Aircraft Acquisition and Investment Summit held in Lagos, Keyamo said, “We stopped the project before because of the volatility of the Naira, but Mr President has approved that we return to the site, and the second runway in Abuja will be ready in no time.”

The minister also raised concerns over the dominance of foreign airlines in Nigeria’s aviation market, noting that while over 460 international flight frequencies operate into the country weekly, Nigerian carriers face challenges accessing similar routes due to limited fleet capacity and financing constraints.

He called on global financiers, lessors, original equipment manufacturers (OEMs), insurers, and development partners to collaborate with Nigeria, assuring them that reforms have been implemented to boost investor confidence.

According to him, *“We have more than about 460 frequencies per week from international airlines coming here to feed on our market. A foreign airline operates more than 45 flights per week. Under all these bilateral air service agreements, we have the reciprocal rights to also service those routes.

“What is the difference between our flag carriers and these international airlines that come and feed on our markets? It is just the capacity. The capacity to acquire aircraft and equipment. Therefore, our duty is to ensure that we empower our local airlines. Airbus’ Global Market Forecast 2024 projects that Africa will need about 1,460 new aircraft between 2024 and 2043 to meet rising demand driven by urbanisation and a growing middle class in Africa.

“Meanwhile, Boeing projects that Africa will require 1,205 new aircraft deliveries, with air traffic on the continent growing at about six per cent annually to 2024, thus driving a demand for about 76,000 additional aviation personnel. This is a signal that the centre of gravity of future aviation growth is shifting towards emerging markets; by scale, Nigeria’s geography, population, and economic relevance must be among the most significant

“For decades, access to affordable and dependable aircraft financing has remained one of the most significant constraints for Nigerian operators; it has limited fleet deployment, constrained routes to development, weakened competitiveness, and increased operating costs.

“Without modern and efficient fleets, Nigerian airlines cannot compete sustainably. Without financing certainty, they cannot scale. Without institutional confidence, global lessors and lenders will remain cautious. Without global maintenance capacity, asset productivity suffers. Without skilled people, growth cannot be sustained.”