Nigeria Seeks $7bn AfDB Support for Aviation Program
The Federal Government of Nigeria is pursuing the backing of the African Development Bank (AfDB) for a $7 billion aviation program designed to transform the country's aviation sector. Minister of Aviation and Aerospace Development, Festus Keyamo, met with the President of the African Development Bank, Sidi Ould Tah, to discuss the Integrated Aviation Transformation Program (IATP) for Africa.
This initiative aims to enhance investment and revitalize the continent's aviation industry. Keyamo highlighted the Nigerian government's commitment to implementing reforms that would improve investor confidence and create a sustainable financing environment for the aviation sector.
He noted the recent approval of a Nigerian aircraft leasing company as a significant step towards reducing reliance on foreign lessors. The Minister appealed for AfDB's support in financing the project, emphasizing that access to affordable capital remains a major challenge for African airlines.
The AfDB President expressed satisfaction with Nigeria's aviation reform plans and reaffirmed the bank's commitment to supporting the program.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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