Keyamo: Tinubu has approved $500m investment to rebuild Lagos airport

MINISTER of Aviation and Aerospace Development, Mr Festus Keyamo, says President Bola Tinubu has approved a $500 million investment aimed at transforming the Murtala Muhammed International Airport in Lagos into a world-class aviation hub.

Speaking on Monday at the opening ceremony of the Invest Lagos 3.0 summit, Keyamo said the Nigerian government had commenced a major overhaul of airport infrastructure in Lagos to strengthen the state’s position in regional and global aviation.

According to the minister, the approval was funded from national savings rather than borrowed funds.

“The president has approved $500 million — not borrowed money, but from the savings of the country — to rebuild the airport in Lagos,” Keyamo said.

READ ALSO: Flashback: How Union Bank ex-director and gang sold fake airport to Brazilian for $242m

He noted that the airport, which has been in operation for over 5 decades, would undergo extensive modernisation under the project.

Keyamo said the redevelopment would significantly improve the facility and reposition Lagos as a leading aviation destination on the continent within the next 22 months.

He added that Lagos already serves as the primary gateway for international air passengers into Nigeria, accounting for about 67 percent of passenger traffic.

The minister said Lagos’ strategic geographical location gives it a competitive edge to emerge as a central aviation hub for Africa.

According to him, the city is within approximately six hours of major destinations across Africa, Europe, the Middle East and parts of South America, making it attractive for international connectivity.

Keyamo also disclosed that the federal government was collaborating with the Lagos State Government to extend the rail line from Ikeja directly to the international airport to improve accessibility.

He said the ongoing airport reconstruction, enhanced transportation links and investor-friendly policies would further strengthen Lagos’ aviation sector.

The minister also encouraged investors to explore opportunities in aviation infrastructure, including the proposed private airport project in the Lekki corridor.

“I invite you to invest not only in the Federal Government-owned airport in Lagos, but also in the private airport Lagos State is planning in the Lekki corridor,” he said.

The Invest Lagos 3.0 summit, organised by the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, is focused on promoting Lagos as a top destination for investment, trade, innovation and infrastructure development in Africa.

The two-day event features sessions on technology, urban development, energy, sustainability, global partnerships, culture, talent development and investment opportunities.