Minister of Aviation and Aerospace Development, Festus Keyamo, has emphasized that sustainable aviation financing is essential for advancing Africa’s economic integration and regional development.
Speaking at the 2026 Annual Meetings of the African Development Bank (AfDB) Group, Keyamo highlighted Nigeria’s participation in the Integrated Aviation Transformation Programme, which aims to modernize African airlines, enhance regional connectivity, and provide affordable long-term financing for fleet renewal.
“This ambitious programme seeks to upgrade fleets, invest in aviation infrastructure, and establish financing platforms for African carriers,” he said. Nigeria, Africa’s largest aviation market, was among the first countries to sign a Letter of Intent with the AfDB to join the initiative.
Keyamo revealed that the Federal Government has secured approval to create a Nigerian Aircraft Leasing Company to mobilize capital for local airlines. The Special Purpose Vehicle is expected to help domestic carriers modernize fleets and compete regionally and internationally.
“Africa must move toward a single sky. Even the African Continental Free Trade Area cannot reach its full potential without robust air connectivity across the continent,” Keyamo noted. He also disclosed that Nigeria committed $500 million to modernize Lagos airport, which handles about 67% of passenger traffic into the country, without relying on external borrowing.
Mr. Mike Salawou, Director of Infrastructure and Urban Development at the AfDB, added that African airlines face high financing costs and regulatory hurdles. He emphasized that the Bank’s aviation programme supports reforms, improves access to capital, and strengthens technical capacity.
“Nigeria is taking the lead on reforms, driving aviation transformation in West and Central Africa,” Salawou said, confirming that the initiative is already in the implementation stage.
