Nigeria to Earn Over $4bn Revenue as FEC Okays Concession of Abuja, Kano Airports
Nigeria will earn over $4 billion in nominal revenue as the Federal Executive Council, FEC, on Wednesday okayed the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano, to the Corporacion American Airport Consortium, a Luxembourg-based company.
James Odaudu, the Special Assistant on Public Affairs to the Minister of Aviation, disclosed this in a statement on Thursday.
According to him, the Council also approved that the Federal Ministry of Aviation would be renamed the Ministry of Aviation and Aerospace.
The statement noted that the company would make combined upfront payments of $8.5 million for the concession of NAIA and MAKIA.
He added that the development would spur evidential growth within the Nigerian aviation industry.
“In alignment with the Aviation Roadmap, approved by Mr President on 18th October 2016, the Ministry of Aviation and Aerospace is delighted to inform all stakeholders, both local and international, and the media, that the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano has been approved by the Federal Executive Council,” the statement said.
In December 2022 and January 2023, Corporacion American Airport Consortium was announced as the preferred bidder for the airport’s concession after scaling through a series of evaluations of technical and financial bids.
Nominal revenues mean income not adjusted for inflation and decreasing purchasing power.
