For the aviation industry to grow in Nigeria to be in tandem with what is obtained in other parts of the world and for the country to actualise its desire to become a hub in West and Central Africa, the industry needs an injection of $50 billion in the next 30 years.
This was the projection given by industry expert and Chief Executive Officer (CEO) of RTC Advisory, Opeyemi Agbaje when in a presentation at the Colloquium 2017, Vision 2050 for Aviation Industry held in Lagos on Tuesday.
Agbaje said the Nigerian aviation industry attracted $4 billion foreign direct investment (FDI) in 2016, noting that in 2010, the sector attracted $6 billion, $7.1billion in 2012; $5.6 billion in 2013; $4.6 billion 2014 and $8 billion in 2015.
Delivering a paper titled: ‘Vision 2050: How to fast track Nigeria’s Aviation,’ Agbaje remarked that by attracting these huge funds during the said periods indicated that the country did not encourage private participation and stressed that the industry needs about $50 billion to grow into a competitive industry and utilise the huge market provided by the country’s growing population.
But for this goal to be realised the country needs stable macroeconomic environment and should be forward looking in its activities.
“It requires a stable macroeconomic environment; forward-looking and proactive policy; a clear and compelling vision for the industry shared by all stakeholders including government and the private sector; and regulation that seeks to foster industry transformation,” he said.