Investors eye $14.16bn market at FAAN’s aviation conference

As the federal government works toward increasing the aviation sector’s contribution to the Gross Domestic Product (GDP) from $1.7bn annually to $14.16bn in the next 20 years, stakeholders in the sector, industry experts and investors around the world are eying the ample investment opportunities in the sector. Come June 14-17, 2022, the Federal Airports Authority […]

As the federal government works toward increasing the aviation sector’s contribution to the Gross Domestic Product (GDP) from $1.7bn annually to $14.16bn in the next 20 years, stakeholders in the sector, industry experts and investors around the world are eying the ample investment opportunities in the sector.

Come June 14-17, 2022, the Federal Airports Authority of Nigeria (FAAN) will initiate its national aviation conference, the first of its kind, since its establishment to galvanize the aviation sector with far-reaching impacts through brainstorming, engaging interaction and providing a platform for investors.

Tagged FNAC, the investors and stakeholders’ forum taking place in Abuja is aimed at filling a perceived vacuum in the sub-region as there are currently no such platforms for the interaction.

Daily Trust reports that the conference was scheduled to hold in 2020 but was truncated by the COVID-19 pandemic which grounded the sector as the whole world shut down with the aviation sector mostly affected.

With the theme “Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport”, the forum will enable stakeholders to brainstorm and share knowledge and ideas on contemporary developments which will provide veritable solutions to the growth of the industry.

The Managing Director of FAAN, Captain Rabiu Hamisu Yadudu, said the conference will seek collaboration with state governments and potential investors to explore the huge investment opportunities in the state through the airports. 

It is believed that this will open up new air routes with a corresponding increase in passenger traffic and a win-win for all stakeholders.

A recent survey by the International Air Transportation Association (IATA) showcased the significant contribution of air transportation to the national economy, through providing 241,000 jobs (direct and indirect) and a contribution of $ 1.7 billion to the national economy.

IATA further projects the air transport market in Nigeria under the ‘current trends’ scenario to grow by 174 per cent in the next 20 years.

This would result in an additional 9.4 billion passenger journeys by 2037. If met, this increased demand would support approximately $ 4.7 billion of GDP and almost 555,700 jobs.

Managing Director of FAAN, Captain Rabiu Hamisu Yadudu said the conference was specifically designed to create a forum for the exchange of relevant industry information with all critical stakeholders so that all players are guided by the same pool of principles and practices for conformity while guiding investors in making the right investment decision.

The investment forum session would come up on 16th and 17th June, 2022, and will focus on apprising investors with the opportunities in the Nigerian aviation industry.
The conference, he explained further, will also offer stakeholders an opportunity to explore, deliberate and understand how technology-driven innovations will change air travel in decades to come as well as discuss the future of the airport vis-à-vis innovations, safety and security, financing and leasing, sustainability, growth drivers, logistics etc.
Also the conference will offer indigenous industry stakeholders a voice to express their needs and educate others on their operations as well as build the indigenous intellectual capacity that is required to complement and effectively manage the infrastructural developments in the industry.
In the course of this engaging conference, there will be presentations delivered by experts and professionals in the industry including: Alicia Stephens (World Bank Group), the FAAN MD, Chairman Air Peace Limited, Chief Allen Onyeama, Managing Director TopBrass, Capt Roland Iyayi; Ag. Executive Secretary/Chief Executive Nigeria Investment Promotion Council (NIPC), Emeka Offor.

Others are President Air Transport Senior Staff Services Association of Nigeria (ATSSSAN), Ilitrus Ahmadu, DG, NCAC, Otunba Segun Runsewe, Dr. Wilfred Haggai, General Manager, Aeromedical Nigeria Civil Aviation Authority (NCAA) and Professor Adesoki Adesuga MD, NEPZA

The forum, according to FAAN, will centre on strategic diversification of FAAN’s revenue sources with emphasis on non-aeronautical revenue lines including but not limited to Advertisement, Tourism and Land Development.

In achieving the above objectives, the Conference will seek collaboration with State Governments and potential investors to explore the huge investment opportunities in the State through the Airports. It is believed that this will open up new Air routes with corresponding increase in passenger traffic and liaison is expected to be win-win for all stakeholders.

Speaking further, the MD said, “We observe that in Nigeria, we don’t have any platform that is recurrent for stakeholders to sit down, access their position, analyse it, share knowledge and take necessary steps to promote cooperation, collaboration and the general progress of the industry. It is like everyone is doing its own, we don’t sit down to collaborate and cooperate. It is when you cooperate that you have synergy.”