Aviation Financing Critical to Africa’s Integration, Says Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo, has said sustainable aviation financing remains critical to Africa’s economic integration, regional trade and long-term development.

Keyamo made the remarks during the 2026 Annual Meetings of the African Development Bank Group held in Brazzaville, Republic of Congo, where African leaders and policymakers gathered to discuss infrastructure and economic transformation across the continent.

The minister disclosed that Nigeria recently signed a Letter of Intent with the African Development Bank under the institution’s Integrated Aviation Transformation Programme, an initiative aimed at modernising African airlines and strengthening regional connectivity.

According to him, the programme seeks to provide affordable long-term financing for African carriers to renew ageing fleets, improve operational standards and compete more effectively in the global aviation market.

“This is one of the most ambitious aviation programmes in Africa. It seeks to modernise fleets, invest in aviation infrastructure and provide financing platforms for African airlines,” Keyamo said.

He explained that Nigeria was among the first countries to key into the initiative because of its strategic role as Africa’s largest aviation market and a major gateway into West and Central Africa.

The minister also revealed that the Federal Government recently secured approval to establish a Nigerian aircraft leasing company designed to mobilise capital for domestic airlines and reduce dependence on costly foreign leasing arrangements.

According to him, the proposed special-purpose vehicle would help local carriers modernise their fleets and improve competitiveness both regionally and internationally.

“Africa must have a single sky. Even the African Continental Free Trade Area cannot fully succeed without stronger air connectivity across the continent,” he stated.

Keyamo further disclosed that Nigeria had committed about 500 million dollars towards the modernisation of the Murtala Muhammed International Airport in Lagos without relying on external borrowing.

He noted that Lagos airport alone accounts for nearly 67 per cent of passenger traffic into Nigeria annually, making its upgrade critical to the country’s aviation future.

The minister argued that improving airports and air transport infrastructure across Africa would not only boost trade and tourism but also attract global investment and position the continent as a stronger player in international aviation.

Also speaking at the event, Mike Salawou, Director of Infrastructure and Urban Development at the African Development Bank, said African airlines continue to face major challenges, including high financing costs and regulatory bottlenecks.

He explained that the bank’s aviation transformation programme was specifically designed to support reforms, improve access to affordable capital and strengthen technical capacity within the aviation sector.

“We are already in the implementation stage. Nigeria is leading on reforms and helping to drive aviation transformation in West and Central Africa,” Salawou said.