President Bola Tinubu on Wednesday directed the Central Bank of Nigeria (CBN) to hold quarterly reconciliation meetings with a view to resolve forex issue in order to encourage existing and new entrants into the Nigerian Aviation Sector.
This was even as the International Air Transport Organisation (IATA) has berated Nigerian government for stiffling airline operations with heavy and sundry taxes and charges.
It said it has identified about 27 charges imposed on airlines by the Nigerian government.
Tinubu, who was represented at the event by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, gave the directive while speaking in Abuja at the 7th/2023 edition of the African Aviation Conference and Exhibition.
He said his administration was committed to ensuring that forex is readily available to entrepreneurs, adding that the CBN was open to provide tax holidays to new investors.
The President noted that the federal government has wooed global investors to invest in Nigeria’s Aerotropolis Project promising tax breaks, and other incentives.
He stated: “I wish to reiterate that my administration, will continue to sustain the support being given to the industry.”
Tinubu also called for investments into the proposed Aviation Leasing Company (ALC) and the Maintenance Repair, Overhaul (MRO) facility and infrastructure upgrade at the federal government operated airports.
He noted that these efforts are imperative towards meeting the target of making Nigeria the aviation hub of Africa in the long term.
The President disclosed that it was the vision of the current administration to make Nigeria the Aviation hub of Africa.
He added: “In order to attract foreign investors, the government is already looking at the following areas to improve Aviation business in Nigeria, and that a number of infrastructure will be upgraded.
“This includes upgrading of the Cat-3 landing system at major airports, construction of the second runway in Abuja, airport improvement programmes through Concession and government willingness to partner with companies to turn major airports into Aerotropolis.”
On the summit, the President said, “I firmly believe that as key players and decision makers, this Summit will provide the required atmosphere for you to discuss, and identify recovery strategies that would attract private investors to support the funding of infrastructure projects by building a transparent, stable and predictable investment climate, as well as include aviation in the continent’s national development plans.”
