Addressing the issue of airport infrastructure, Festus Keyamo, Minister of Aviation and Aerospace Development, highlighted the essential role of strong airports in the success of the aviation business.
Keyamo emphasized that ensuring airport viability is not merely a choice but a fundamental requirement for any ambitious aviation enterprise.
These sentiments were shared during the 9th Airport Business Summit and Expo in Lagos, themed “Airport Viability is Key to Successful Aviation Business Ambition.”
Recent comments by Olubunmi Kuku, the Managing Director of the Federal Airport Authority of Nigeria, revealed that only a few out of the 22 airports under FAAN management are financially sustainable.
Kuku specifically pointed out that Lagos Airport stands out as a potentially viable airport among the rest, highlighting the need to address various crucial factors to achieve viability.
Keyamo identified airport infrastructure components like runways, terminals, and integrated transportation systems linking airports to their surroundings as vital elements.
Speaking on behalf of the Minister at the event, Dr. Emmanuel Meribole, the Permanent Secretary in the Ministry of Aviation, stressed the importance of airports being financially independent with diverse revenue streams capable of withstanding fluctuations in passenger traffic and external economic conditions.
Meribole elaborated on the necessity of maximizing revenue from non-aeronautical sources such as retail, real estate, and parking, along with making strategic infrastructure investments for sustainable returns.
He stated, “Airport viability is non-negotiable for a successful aviation business venture. By recognizing its importance and collectively committing to its enhancement, we can drive the industry towards greater prosperity, resilience, and excellence.
“I urge all delegates and experts present to collaborate on actionable strategies that will propel Nigeria towards the next phase of aviation growth. Strong, efficient, and sustainable airports are essential for the industry to reach its full potential.
“Through strategic investments, innovative strategies, and collaborative endeavors, we can ensure that airports remain pivotal engines of growth and opportunities for the entire aviation ecosystem.”