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US$50bn NEEDED TO MAKE NIGERIA AVIATION HUB FOR WEST & CENTRAL AFRICA
Experts project US$50 billion in the next 30 years can make Nigeria the Aviation Hub for West and Central Africa.
CEO of RTC Advisory Services and expert in the aviation industry, Opeyemi Agbaje, during a presentation at the Colloquium 2017, Vision 2050 for Aviation Industry held in Lagos said, for the Nigerian Aviation Industry to grow to what is obtained in other parts of the world, and to actualize the vision of been the aviation hub for West and Central Africa, the industry needs an injection of US$50 billion within the next 30 years.
Agbaje while delivering a paper titled: ‘Vision 2050: How to fast track Nigeria’s Aviation,’ said in 2016, the Nigerian aviation industry attracted US$4 billion foreign direct investment (FDI), and he compared this value to US$ 8 billion, US$ 4.6 billion, US$ 5.6 billion, US$ 7 billion, US$6 billion for 2015, 2014, 2013, 2012, and 2010 respectively.
He added that although the country attracted such huge funds during the said periods, it did not support private participation.
He also stressed that the industry will need about US$ 50 billion to become a competitive industry that will utilize the enormous market provided by the country’s ever-growing population.
But for this goal to be realized the country needs a stable macroeconomic environment, a forward looking and proactive policy, a clear and compelling vision for the industry that have all stakeholders fully engaged.