Subsidy removal funded $500m Lagos airport rebuild – Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo, revealed that the removal of the fuel subsidy has enabled the President Bola Tinubu's administration to invest $500 million in the reconstruction of the Lagos airport and other critical aviation infrastructure within two years. Speaking at the 67th anniversary of Aero Contractors Airline in Lagos, Keyamo emphasized that these funds were not borrowed but were made possible due to improved liquidity and foreign reserves.

He stated that Nigeria's liquidity rose and foreign reserves increased from $3 billion to $56 billion, attracting investors to the country. Keyamo argued that macroeconomic stability is crucial to attracting foreign investment, creating jobs, and developing infrastructure. He further stressed that investors are drawn to a healthy economy with rising foreign reserves, which enables them to build infrastructure, create jobs, and bring money into the country.