LAAC urges innovative financing to transform Nigeria’s aviation sector as NCAA hails professional reporting
Abdullateef Fowewe
At the 29th Annual Conference of the League of Airport and Aviation Correspondents (LAAC) held on Thursday at Providence Hotel, GRA Ikeja, LAAC Chairman, Suleiman Idris delivered a compelling address on the critical theme of aviation financing in Nigeria.
During his speech, he emphasised the critical need for innovative financing in Nigeria’s aviation sector.
He highlighted the conference theme, “Aviation Financing in Nigeria: The Risks, Opportunities and Prospects,” as profoundly timely, given global economic uncertainties and the increasing infrastructure demands within the industry.
Idris underscored the capital-intensive nature of aviation which necessitates substantial investments in infrastructure, aircraft, safety systems, and personnel development.
He acknowledged obstacles including limited access to long-term financing, high-interest rates, forex volatility, policy inconsistency, and low investor confidence.
“These are real and pressing risks—but they are not without solutions,” he affirmed.
The LAAC chairman went on to present Nigeria’s numerous advantages such as its large population, strategic geographic location, and growing middle class, which present significant opportunities for aviation investment.
To harness this potential, he advocated for innovative financing mechanisms including public-private partnerships (PPPs), build-operate-transfer (BOT) models, leasing arrangements, sovereign-backed financing, and targeted foreign direct investments.
However, he emphasised that these solutions require “an enabling environment—notably policy consistency, regulatory transparency, and ease of doing business.”
Idris called for greater collaboration among government bodies, private sector players, financial institutions, and the media to foster this environment and build investor confidence.
He also stressed the role of LAAC members as facilitators of informed dialogue and accountability through their professional reporting.
“Let us challenge old assumptions, explore new models, and most importantly, commit to action beyond this hall,” he urged.
In conversation with journalists at the event, NCAA’s Director of Public Affairs and Consumer Protection, Michael Achimugu, expressed satisfaction with the quality and professionalism of media reporting on aviation.
“We felt at the NCAA that we are getting objective, professional reporting, especially in an industry where facts and data are very important—this is a partnership that works, and we look forward to better growth and responsible reporting,” he said.
Idris further revealed significant progress underway in the industry, citing government efforts to remodel and rehabilitate the Murtala Muhammed International Airport.
“Within the next five years, we are going to see a brand-new airport in the country. Passenger figures are going to quadruple and terminals will be remodeled or newly built,” he predicted confidently.
He also noted that the federal government plans to complete the airport upgrade within 22 months, promising world-class facilities and new aircraft for airlines soon.
“This is a bold step amid challenging economic conditions, demonstrating government commitment to position aviation as an engine of growth and to attract both local and foreign investment,” Idris concluded.
