Tinubu gives $500 million for Lagos airport upgrade

President Bola Tinubu has approved $500 million for the upgrade of the Lagos airport. The Minister of Aviation and Aerospace Development, Festus Keyamo, announced this on Monday.

This investment will improve facilities at the Murtala Muhammed International Airport. It aims to make Lagos a key aviation hub in Africa, according to Mr Keyamo at the start of the Invest Lagos 3.0 Summit in Lagos.

“The president has approved $500 million, not from loans, but from the country’s savings to rebuild the airport in Lagos,” he said.

“It will transform the 50-year-old airport into a fantastic hub. You will be proud of what you see in Lagos in the next 22 months,” he added.

The Lagos airport is the busiest in Nigeria. It handles about 67 percent of the international passenger traffic in the country. But it faces issues like overcrowding and poor infrastructure. This makes redevelopment urgent for the government.

Immediate plans include rebuilding the Terminal One building, which was built in 1979. New access roads will be built, and the airport will be redesigned to meet international standards.

The upgrade will also connect the domestic and international terminals to the existing Lagos rail network. This rail currently ends at Ikeja. The goal is to make Lagos a major aviation hub on the continent.

“We are working with the Lagos State Government to extend that rail line all the way to the international airport,” he said.

Mr Keyamo noted that Lagos' location is beneficial. It connects to Europe, the Middle East, and parts of South America within six hours. He believes improving airport facilities will boost Lagos' competitiveness and support the government’s aviation plans.

The minister called on investors to take advantage of the opportunities in the aviation sector. This includes projects being developed by the federal and Lagos State Governments.

He also mentioned plans for an airport in the Lekki corridor. He urged for more private-sector involvement in developing aviation infrastructure.