In a bid to bolster Nigeria’s aviation sector, President Bola Tinubu has extended an open invitation to international investors, offering enticing tax incentives to catalyze investment in the country’s ambitious Aerotropolis initiatives. The announcement was made during the 2023 African Aviation Conference and Exhibition held in Abuja, signaling Nigeria’s determined bid to become Africa’s foremost aviation hub.
President Tinubu, although not present in person at the event, was represented by Barrister Festus Keyamo, the Minister of Aviation and Aerospace Development. Keyamo conveyed the administration’s vision, emphasizing their commitment to positioning Nigeria as the aviation epicenter of the continent.
The core focus of the presidential appeal was directed towards the Aerotropolis projects, a visionary urban concept wherein airports are developed as significant business and commercial hubs. President Tinubu implored potential investors to explore this groundbreaking initiative, touting the benefits of substantial tax incentives.
But the president’s vision extended beyond Aerotropolis; he urged investors to consider opportunities in the proposed Aviation Leasing Company (ALC) and the Maintenance Repair Overhaul (MRO) sector. These initiatives, he argued, would not only foster growth in Nigeria’s aviation sector but also stimulate economic development and job creation.
“The government warmly welcomes major players in aircraft leasing and head lessors to invest in Nigerian airlines, offering state-of-the-art aircraft. We will ensure the enforcement of contract agreements and the protection of investors’ rights, in line with Nigeria’s commitment to the Cape Town Convention and international obligations,” President Tinubu stated regarding the Aircraft Leasing Company.
In an effort to address concerns related to foreign exchange availability, President Tinubu reaffirmed his administration’s dedication to ensuring a steady supply of foreign exchange for entrepreneurs. He issued a directive for the Central Bank of Nigeria (CBN) to conduct quarterly reconciliation meetings aimed at swiftly resolving any related issues.
In a further bid to attract investment, President Tinubu announced that the Central Bank of Nigeria (CBN) is open to offering tax holidays. This move is intended to encourage both existing and new entrants into the Nigerian aviation sector, ensuring that the industry flourishes under the administration’s unwavering support for its growth and development.
With these proactive measures and incentives, Nigeria’s aviation sector is poised for substantial expansion, making it an increasingly attractive prospect for global investors seeking opportunities in Africa’s burgeoning aviation market.
- Tags: Aviation, President Tinubu
