The Minister of Aviation and Aerospace Development, Festus Keyamo, says the removal of the petrol subsidy has enabled the Federal Government to increase investment in critical aviation infrastructure, including the reconstruction of the Lagos airport.
Keyamo disclosed this on Monday in Lagos during the 67th anniversary of Aero Contractors Airline.
Responding to questions on the performance of the aviation sector under President Bola Tinubu’s administration, the minister said about $500m had been raised for the Lagos airport reconstruction and other aviation infrastructure projects over the past two years.
He said the funds were not obtained through borrowing, but were made possible by improved liquidity and an increase in Nigeria’s foreign reserves.
According to Keyamo, Nigeria’s foreign reserves had risen from about $3bn to $56bn, making the country more attractive to foreign investors.
He argued that improved macroeconomic conditions would help attract the investment needed to develop infrastructure and create employment.
“Jobs don’t fall from heaven, jobs come as a result of either the infrastructure you are building or investments. That is how jobs are created,” he said.
The minister’s comments come amid continued debate over the economic impact of petrol subsidy removal, particularly on household incomes and the rising cost of food, transportation and other essential commodities.
Keyamo, however, maintained that attracting investment remained critical to addressing unemployment and improving infrastructure.
He said the government’s aviation infrastructure programme was not limited to Lagos, revealing that President Tinubu had also approved the return of the China Civil Engineering Construction Corporation to the Abuja airport project to construct the long-delayed second runway at the Nnamdi Azikiwe International Airport.
Keyamo recalled that the Abuja runway project had previously been stalled after concerns were raised over its estimated cost of N45bn.
He said the delay had significantly increased the eventual cost of the project, which he estimated at nearly N500bn.
The minister said the experience demonstrated the cost of delaying infrastructure projects.
Meanwhile, reconstruction of Terminal 1 at the Murtala Muhammed International Airport, Lagos, began in March 2026 under a broader aviation infrastructure upgrade programme. The project is being handled by CCECC and is expected to take about 22 months to complete. (punchng.com)
Keyamo said the government would continue to prioritise infrastructure development as part of efforts to strengthen Nigeria’s aviation sector and support wider economic activity.
