Keyamo Secures $500 Million for Lagos Airport Reconstruction

Festus Keyamo, the Minister of Aviation and Aerospace Management, stated that the removal of fuel and foreign exchange subsidies allowed the administration of President Bola Tinubu to raise approximately $500 million for the reconstruction of the Lagos airport and other aviation infrastructure over two years without resorting to borrowing. Keyamo made this announcement during Aero Contractors’ 67th anniversary celebration on October 5, 2026, in Abuja.

He explained that the removal of subsidies improved government liquidity, enabling the funding of critical aviation infrastructure that had previously been hampered by financial constraints. Keyamo noted that the funds for infrastructure development were sourced from enhanced liquidity and foreign reserves, not through loans.

He also mentioned that the Lagos airport reconstruction project has created over 2,000 jobs for Nigerians. Additionally, he highlighted the need for timely investment in infrastructure to avoid escalating costs, referencing the N400 billion required for a second runway at the Nnamdi Azikiwe International Airport in Abuja.