FG signs $500 million Aviation Infrastructure Loan agreement with China

Aviation Nigeria

The federal government of Nigeria has signed a $500 million Loan Agreement with the Chinese government for the construction of four new International airport terminals in Abuja, Lagos, Port Harcourt and Kano.

The Agreement is one of many other Agreements and MoU’s signed in Beijing as President Goodluck Ebele Jonathan formally commenced a Two-Day State Visit to China.

The commencement of construction work on the terminals had been on hold pending the formal signing of the loan deal which will be financed by the Chinese EXIM Bank.

Reacting to the development, Coordinating Minister for the Economy/Finance Minister, Dr Ngozi Okonjo-Iweala said the Federal government is very elated that the loan deal for the financing of the construction of the terminals has finally been sealed.

She said airports, being the Gateways to the country are critical not only as drivers of the socio-economic development of Nigeria, but also an outward reflection of the character of any nation.

She added that developing airport and aviation infrastructure was therefore a major priority to the federal government, and commended the leadership of President Jonathan for pulling off such a remarkable milestone with the Chinese authorities. She said the simultaneous construction of four international airports will create employment and other value chains that will help to grow and expand the frontiers of the Nigerian economy.

Also reacting, Aviation Minister, Princess Stella Adaeze Oduah expressed profound joy that the dream of President Jonathan to bequeath befitting international airports for the country will now be realised with the signing of the Agreement today in Beijing, China.

”I am extremely delighted with this development today. Now, real work can start as we had been eagerly waiting for this day. We promised to give the nation international airports befitting the stature and standing of Nigeria as the giant of Africa and today’s ceremony is a significant milestone towards the achievement of this objective”, Oduah declared.

Aerotropolis: Aviation Ministry woos Chinese Investor

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, Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr George Uriese expressed the desire of the Ministry to partner with the Chinese Investment Community for the development of Aerotropoli in the Nigerian Cities of Abuja, Lagos, Port Harcourt and Kano.

Uriesi said the Aerotropoli hold 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 on the African continent.

“We want to partner with you as we develop our Aerotropoli in Lagos, Abuja, Port Harcourt and Kano. There is so much more that 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.

The MD said Nigeria is prised 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 take 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 are being constructed across the country.

The Investment Forum, which was attended by President Goodluck Ebele Jonathan, GCFR was attended by a very large investment community which expressed readiness to expand its business interests in Nigeria.

The Forum climaxed a Three-Day State Visit of President Jonathan to China, which witnessed the signing of over 15 Agreements and MoU’s, including the $500 million Loan Agreement to finance of the construction of four airport terminals.