Federal Gov’t To Recoup N712bn Lagos Airport Renovation Spending In 3 Years Keyamo

The Minister of Aviation and Aerospace Development, Festus Keyamo, has expressed confidence that the Federal Government will recover the N712 billion invested in the ongoing rehabilitation of the Murtala Muhammed International Airport (MMIA), Lagos, within three years.

Keyamo disclosed this during an interview on Channels Television’s current affairs programme ‘Sunday Politics’ on Sunday evening, where he outlined the government’s strategic plans to position Lagos as the aviation hub of West Africa.

According to him, the Lagos Airport alone generates approximately N200 billion in revenue annually, making it the most profitable aviation facility in the country. This, he said, forms the basis for the optimism around recouping the massive investment within a short period.

“Lagos airport gives us about N200 billion every year. So in three years, the investment pays for itself,” the Minister stated.

LEADERSHIP reports that the federal government, through a concessionary Public-Private Partnership (PPP) model, is currently undertaking major upgrades of airport terminals and infrastructure at the MMIA to improve capacity, service delivery, and operational efficiency.

Keyamo added that the aim was not only to boost domestic revenue generation but to make Nigeria a transit hub that can compete with regional aviation giants like Ghana, Ethiopia, and South Africa.

“We are doing what it takes to make Nigeria the aviation hub of West Africa. Lagos is key to that vision,” he noted.

The Minister, however, reassured Nigerians that the project will be executed with full accountability and deliver long-term value.

The rehabilitation project is part of a broader infrastructure overhaul by the Tinubu-led administration aimed at enhancing Nigeria’s competitiveness in aviation, logistics, and tourism.