Keyamo Directs Review Of Proposal For Aviation Devt Bank

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In recent happenings, the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, called for a review of the proposal to set up an aviation development bank.

Festus Keyamo said that the review was necessary so that they can look into the possibility of establishing a structural financial system for the industry, which, according to him, will further increase revenue generation for the sector in Nigeria.

He further pointed out that the review will help to tackle the funding of aviation development programmes, while also promoting economic growth for the industry in particular, and the nation as a whole.

He restated that the current government placed revenue growth and optimisation of resources at the forefront of its agenda, and tasked a team of aviation experts and economists to look into funding options for the industry.

The team was also tasked with assessing the potential for an aviation and aerospace development bank, an institutional solution, which he said will provide a well-structured aviation development investment and financing system to address the industry’s unique risks under a Public Private Partnership (PPP) initiative.

“The aim is to attract low-interest funds from the global fund market and accelerate all-inclusive development in the sector,” he said.

Members of the team are; Mr. Muhammed Shehu, Mr. Samuel Bajomo, Special Adviser to the minister on Foreign Direct Investment and Capital Improvement Programme, Mr. Fortune Idu; Chief Executive Officer (CEO) FCIINT, Mr. Yenusa Abudsalam and Prof. Ken Ife, Chief Finance Banking Technical Consultant.

The meeting was occasioned by Mr. Idu’s call for a well-structured financial system for aviation. He further suggested that a sector-specific bank in the absence of a credible financial warehouse for the sector be created.

Idu had earlier emphasised that the aviation sector had been completely secluded from the aspect of Nigeria’s infrastructure investment banking and support services; saying that something has to be done urgently to improve access to funding for aviation projects.

The aviation industry would need to set up its own system since according to him, existing banks were not supporting aviation. He maintained that aviation development had to be consistent, sustainable and therefore required a stable financial outlook for more investment to come in globally.

 

 

 

 

 

 

 

 

 

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