Tinubu: Aviation passenger traffic to hit 25.7m, revenue $2.58bn by 2029

From Sola Ojo, Abuja

President Bola Tinubu, on Tuesday, projected that Nigeria’s aviation passenger traffic, which stood at 15.89 million in 2023, will rise to 25.7 million by 2029, with annual industry revenue expected to reach $2.58 billion.

Represented by the Secretary to the Government of the Federation (SGF), George Akume, Tinubu made the projection at the Nigerian International Airshow.

He noted that massive investments in airport modernisation are underway, with six major airports and multiple runways currently being upgraded—including a N712 billion refurbishment of Murtala Muhammed Airport in Lagos.

Tinubu also revealed ongoing plans to commence aircraft component manufacturing in the country, part of a broader aim to position Nigeria as the aviation hub of West and Central Africa.

He described the Airshow as “a historic event that places Nigeria firmly on the global aviation map.”

Highlighting sector progress, Tinubu said Nigeria now ranks first in Africa for compliance with international aviation standards. This follows an improvement in its Cape Town Convention score from 49.5% to 75.5%, enabling airlines to access lower-cost aircraft financing and boosting investor confidence.

Nigeria has also secured partnerships with Boeing and Cranfield University to establish advanced Maintenance, Repair and Overhaul (MRO) facilities. “This is expected to curb the current $200 million annual capital flight spent on overseas aircraft maintenance. Aero Contractors and XEJet are leading this transformation with new hubs in Lagos and Abuja,” he said.

He noted recent international connectivity gains, including the resumption of Air Peace’s Lagos-London flights, new Bilateral Air Services Agreements, and the return of Emirates and Uganda Airlines to the Nigerian market. Aviation now contributes 2.5% to Nigeria’s GDP.

Reaffirming his commitment to making Nigeria the region’s leading aviation hub, Tinubu said this would rely on public-private partnerships, expanded training centres, airport concessions, and plans for local aircraft component production. “We are building a sustainable ecosystem that creates jobs, drives innovation, and strengthens our economy,” he said.

In his foreword for the Airshow magazine, Minister of Aviation and Aerospace Development, Festus Keyamo, described the event as both “historic” and a bold step towards putting Nigeria on the global aviation exhibition calendar. “This is our first attempt. It will not be perfect. We are taking baby steps, but we take them with courage, conviction and clarity of purpose,” he stated, expressing confidence that Nigeria’s Airshow will, in time, rank alongside Paris, Dubai, Farnborough, and Singapore.