President Bola Tinubu has said the landmark partnership between the Federal Government, global aircraft manufacturer Boeing, and the UK-based Cranfield University to establish a world-class Maintenance, Repair, and Overhaul facility in Nigeria will save the country over $200 million.
Tinubu, who was represented by the Secretary to the Government of the Federation, George Akume, said this at the opening of the maiden Nigerian International Airshow.
When completed, the project is expected to cut airline maintenance costs currently lost to overseas servicing.
The president described the initiative as a defining step in Nigeria’s aviation journey, one that places the nation “firmly on the global aviation map” alongside internationally celebrated airshows in Farnborough, Paris, and Dubai.
“We have signed agreements with Boeing and Cranfield University to establish state-of-the-art MRO facilities, reducing the $200m annual capital flight for overseas maintenance. Aero Contractors and XEJet are leading this transformation with new hubs in Lagos and Abuja,” Tinubu said.
Minister of Aviation and Aerospace Development, Festus Keyamo, had earlier said the Federal Government was planning to establish an aircraft leasing company in the country. He said the firm, when fully operational, would serve as a middle company between Nigerian operators and international lessors, and aircraft manufacturers.
The initiative of both the MRO and the leasing company is expected to boost the Nigerian aviation industry through the availability of dry-leased aircraft and enable local operators to compete more effectively with international airlines.
The government said two local airlines, “Aero Contractors and XEJet are leading this transformation with new hubs in Lagos and Abuja.”
The president said the country’s aviation industry has come far with a huge ambition that lies ahead.
“Passenger traffic reached 15.89 million in 2023 and is projected to hit 25.7 million by 2029 by the Nigeria Civil Aviation Authority, with annual revenue growing to $2.58 billion.
“Massive infrastructure upgrades are underway, including the N712bn overhaul of Lagos Murtala Muhammed Airport and modernisation across six major airports and multiple runways. Regulatory performance has improved significantly, with Nigeria now ranking No. 1 in Africa for compliance with international aviation standards,” the president added.
He further stated that Air Peace’s Lagos–London service has expanded, while new Bilateral Air Services Agreements facilitated the return of Emirates and Uganda Airlines.
According to the president, the economic contribution from aviation now stands at 2.5 per cent of GDP, driven by 20 airports, 23 airlines, and thousands of skilled workers.
On efforts that have kept Nigeria on the global map through the aviation industry, Tinubu emphasised that Nigeria is not only hosting its first international airshow but has also been actively asserting its presence globally.
“At the recent Dubai Airshow, Nigeria showcased its aerospace ambitions and signaled readiness to collaborate on next-generation aviation and defense technologies,” he stated.
He further said the administration’s long-term plan is to position Nigeria as the aviation hub of West and Central Africa, adding that, “Key to achieving this goal are strategic public-private partnerships, renewed investments in training, and prospects for local aircraft component manufacturing.”
The President also extended appreciation to the Ministry of Aviation and the organisers of the Nigerian International Airshow for “turning a national aspiration into a global-class reality.
“As we celebrate this airshow, we honor the engineers, pilots, regulators, and entrepreneurs who have powered our progress. Together, we will continue to soar higher, ensuring that Nigeria is not just a participant but a leader in global aviation.”
