Thursday 25 July 2013

FAAN Parades Investment Opportunities In Airports

Aviation Nigeria

Following the successful signing of the $500 million loan agreement to finance the construction of four new international airport terminals in Nigeria, the aviation ministry has now turned its attention towards the drive to woo foreign investors to buy into the Aerotropolis project.

Addressing the Nigeria-China Investment Forum in Beijing recently, the managing director of the Federal Airports Authority of Nigeria (FAAN), Mr George Uriesi, said the ministry was willing to partner with the Chinese investment community for the development of Aerotropolis in the Nigerian cities of Abuja, Lagos, Port Harcourt and Kano.

Uriesi said the project holds tremendous promise of good return on investment for any investor, and called on the Chinese investors to take advantage of the huge opportunities which the initiative presents to boost the expansion of their business interest in African.

“We want to partner with you as we develop our aerotropoli in Lagos, Abuja, Port Harcourt and Kano. There is so much that the Chinese companies can do to leverage our drive to position aviation as pivotal to the growth of the Nigerian economy through the airport cities concept, otherwise known as Aerotropolis,” the FAAN MD declared.

Uriesi said Nigeria was poised to take its rightful place in the comity of successful aviation service providing nations of the world through the upgrade of its aviation infrastructure. He added that the ministry wants to establish Nigeria as an aircraft maintenance hub on the African continent and called on Chinese investors to grasp the opportunity and establish maintenance, repair and overhaul (MRO) facilities in the country.

With a population of over 167 million people and a projected passenger growth of 50 million by 2026, Uriesi said Nigeria is a huge, untapped market waiting to be harnessed by investors with an eye for guaranteed return on investment.

He further spoke of the huge potential which the perishable cargo/fresh produce initiative holds for any investor, stressing that to grow this segment of aviation in Nigeria, about 13 perishable cargo terminals were being constructed across the country.

The Investment Forum was attended by large investment community which expressed readiness to expand its business interests in Nigeria. The forum was the climax of the 3-Day State visit of President Jonathan to China which witnessed the signing of over 15 Agreements and MoUs, including the $500 million loan agreement to finance the construction of four airport terminals in Nigeria.

According to Yakubu Dati, the coordinating general manager, Aviation Parastatals, the intervention of the Nigerian government in the aviation sector, by way of infrastructure, safety and security upgrades as well as human capital development, is repositioning the Nigerian aviation sector as a major player in the continent. 

The signing of the $500 million loan agreement with the Chinese government for the construction of airport terminals is a turning point in Nigeria’s quest to play its leadership role in African aviation.

Construction work on the terminals would soon begin and the funds from the Chinese EXIM Bank, will guarantee its completion on schedule.

Source: Leadership


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