Keyamo Secures $500M for Lagos Airport Reconstruction

Festus Keyamo, the Minister of Aviation and Aerospace Development, announced that the removal of the petrol subsidy has facilitated the Nigerian Federal Government's ability to secure $500 million for the reconstruction of the Murtala Muhammed International Airport in Lagos. Speaking at the 67th anniversary of Aero Contractors in Lagos, Keyamo emphasized that the funds were raised without borrowing, attributing the government's enhanced capacity to improved liquidity and a rise in foreign reserves from $3 billion to $56 billion.

He noted that the investment reflects the positive impact of President Bola Tinubu's economic reforms, which have increased investor confidence in Nigeria. Keyamo also highlighted the importance of infrastructure development and private-sector investment in job creation, stating that jobs are generated through the construction of infrastructure and investments rather than simply appearing.

The Central Bank of Nigeria reported foreign reserves of $55.25 billion as of September 2026, indicating a strengthening of Nigeria's economic position.