Fuel subsidy removal unlocks $500m aviation infrastructure funding

Minister Festus Keyamo stated that Nigeria's removal of fuel subsidies enabled the government to invest $500 million in aviation infrastructure, including the reconstruction of Lagos airport and other necessary facilities. This investment occurred within a two-year period without the need for borrowing. The minister attributed the success to increased liquidity and foreign reserves, which rose from $3 billion to $56 billion.

Keyamo emphasized that macroeconomic stability is essential for attracting foreign investment and creating jobs, rather than merely focusing on subsidy removal. The Lagos airport project is part of a broader effort by the Tinubu administration to improve Nigeria's aviation infrastructure, with plans to return the China Civil Engineering Construction Corporation to the Abuja airport for the construction of a second runway.