FG Woos Investors To Aviation Sector With Tax Holidays, Forex, Others

The Federal Government has wooed foreign investors to invest in nation’s aviation sector promising to provide tax holidays, availability of forex, amongst others.

President Bola Tinubu disclosed this on Wednesday at the seventh Edition of the Aviation Africa Summit and Exhibition in Abuja.

The President who was represented by the Minister of Aviation and Aerospace Development, Barr. Festus Keyamo, said, the move was geared towards making Nigeria the aviation hub of Africa.

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According to him, ”the current administration is open to provide tax holidays to encourage existing and new entrants into the Nigerian Aviation Sector.

“The current administration is aware that one of the setbacks entrepreneurs have suffered in Nigeria in recent years is the fluctuation of foreign exchange and its availability. This administration is commit to ensuring that forex is readily available to entrepreneurs and I have directed that the Central Bank of Nigeria (CBN) holds quarterly reconciliation meetings with a view to resolve this issue.

“Government welcomes major players in aircraft leasing and Head lessors to invest in Nigeria airlines to provide state of the art aircraft. Government will ensure enforcement of contract agreement and the rights of investors and indeed all parties are protected; and Nigeria being a signatory to the Cape Town Convention will uphold international obligations.

“Maintenance, Repair, and Overhaul (MRO) facility is another critic aspect that can make the Nigerian aviation industry a hub on the continent. With the shortage of qualified engineers, the current administration is willing to provide all the necessary support for the establishment of world class MROS and training organization.

“Upgrading infrastructure. This includes upgrading of the Cat3 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,” he said.

He stated that in order to maximize the benefits of air transport in Africa, “it is essential and expedient to continue to promote collaboration, knowledge sharing, and business development within the African aviation community that would practically address all the significant and structural challenges”.

He reiterated that air transport remains an essential component of the global transportation system and a crucial driver of economic, social and cultural development worldwide.

“The recent global events, further exposed the immense contribution and importance of air transportation as a catalyst for economic development, vital engine of global socio-economic growth, one of the greatest contributors to the advancement of modern society and a key instrument for achieving the United Nations Sustainable Development Goals (SDGs). These underscore why the world was greatly impacted, when international aviation was disrupted by the pandemic and other global occurrences.”

On the importance of the summit he said,” 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,” he said .

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