Stakeholders seek special aviation development fund

Stakeholders and aviation industry players yesterday advocated for a special aviation development fund to support the total overhaul of the sector.  They stated that the special fund would address infrastructure gaps, deepen safety and address human capital deficit. They spoke in Lagos during the South-West Regional Air Transportation Summit (SWRATS) 2024, hosted by the Nigeria […]

Stakeholders and aviation industry players yesterday advocated for a special aviation development fund to support the total overhaul of the sector. 

They stated that the special fund would address infrastructure gaps, deepen safety and address human capital deficit.

They spoke in Lagos during the South-West Regional Air Transportation Summit (SWRATS) 2024, hosted by the Nigeria Civil Aviation Authority (NCAA).

They spoke just as the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo said the country’s aviation was on a growth trajectory with the recent global rating of the industry from 49 % to 70% on account of the implementation of the practice direction for the Cape Town Convention (CTC).

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Daily Trust reports that the CTC implementation removes impediment for domestic carriers to have access to dry aircraft lease to shore up their operations. 

In his paper presentation at the summit titled, “Strategic Funding for Sustainable Growth in the Nigerian Civil Aviation and Air Transportation Sector: Regulatory Imperatives,” Executive Director, The Alternative Bank, Dr. Jekwu Ozoemene, said inconsistent policy formulations and executions were militating against the growth of the sector in all strata.

Ozoemene also advocated for the establishment of an aviation development fund, which is solely dedicated to funding of infrastructure development, safety enhancements and human capacity building.

Besides, he appealed to participants to encourage Public-Private Partnerships (PPP), channeled towards encouragement of private sector investment in airport infrastructure, air navigation services and aircraft maintenance.

He added: “The only way the aviation industry can work in Nigeria is to ensure that every value chain is working hand-in-hand. Nigeria can’t reach its full potential if we fail to address the challenges in the aviation sector.”

Another speaker and former United States Transportation Security Administration (TSA) Representative and Attaché to West Africa, Mr. Oluseyi Ogunleye, tasked the NCAA to work hard in harnessing the vast opportunities presented by the global aviation transportation system to drive national economic growth and development.

He added: “The time is now for the Nigerian government, industry stakeholders, and the general public to come together and chart a bold, transformative course for the aviation sector.”

Keyamo who was represented by the Managing Director of the Federal Airports Authority of Nigeria (FAAN) , Mrs. Olubunmi Kuku also emphasised that with the new development in the areas of better aircraft lease arrangement, through CTC , there would be an increase in the fleet size in the Nigerian market to reciprocate the various Bilateral Air Service Agreement (BASA). 

In his welcome address, Acting Director General, Civil Aviation, NCAA, Capt Chris Najomo said, “At NCAA, we are optimistic that this summit will make an invaluable contribution to the Civil Aviation Master Plan currently being developed and accelerate the achievement of both domestic and international goals. By enhancing operational efficiency, financial stability, and service excellence, we will create tremendous value for all stakeholders.”