Keyamo Secures $500M for Lagos Airport Upgrades

The Federal Government of Nigeria, represented by the Minister of Aviation and Aerospace Development, Festus Keyamo, announced on October 6 that the removal of fuel and foreign exchange subsidies has allowed for the allocation of $500 million (approximately N920 billion) to improve aviation infrastructure. This funding is specifically aimed at the reconstruction of the Murtala Mohammed International Airport (MMIA) in Lagos, achieved without incurring debt.

Keyamo highlighted that previous financial constraints due to subsidies had hindered investment in critical aviation infrastructure, leading to a reliance on loans for airport projects. He noted that terminals in major cities like Lagos, Abuja, Kano, and Port Harcourt were funded through Chinese loans that Nigeria is still repaying.

The Minister emphasized that the increased liquidity from subsidy removal has strengthened the government's capacity to finance infrastructure projects and has contributed to a rise in the country’s foreign reserves from $3 billion to $56 billion.