In a decisive move to revitalize Nigeria’s air travel industry, the Chairman of the Senate Committee on Aviation and Aerospace Development, Senator Buhari AbdulFatai Omotayo, PhD, headlined the opening of the maiden Nigerian Aircraft Acquisition and Investment Summit (NAAIS) in Lagos on Wednesday.
The two-day summit, themed “Unlocking Capital, Confidence, and Capacity in Nigeria’s Aviation,” has drawn global stakeholders to the nation’s commercial capital to address the long-standing hurdles of fleet expansion and sustainable financing.
This was contained in a release made available by one of his aides, Moshood Yusuff Alade on Wednesday.
Speaking at the event, Senator Buhari emphasized the legislative arm’s commitment to creating a legal framework that boosts investor confidence. The summit aims to extract tangible deliverables that will simplify the process of aircraft acquisition for local carriers and attract foreign direct investment into the aerospace sector.
“Our goal is to unlock the immense potential of Nigeria’s aviation industry by bridging the gap between available capital and local capacity,” a statement from the summit organizers noted.
Industry experts at the gathering highlighted that for Nigeria to become a regional hub, the sector must overcome challenges related to high interest rates and the perceived risks in the Nigerian market. The presence of the Senate Committee Chairman underscores the Federal Government’s intent to harmonize policy with investment needs.
The summit, which concludes on April 2, is expected to produce a roadmap for fleet modernization and the establishment of more robust aviation leasing companies within the country. As Nigeria looks to compete on the global stage, the outcomes of this Lagos summit may well define the trajectory of the nation’s aerospace development for the next decade.