The Federal Government of Nigeria has come up with a N14 trillion investment plan to develop the country’s aviation industry in the short, medium and long term as part of measures to build the sector up to a standard that can compete with other countries in passenger growth and also contribute to the Gross Domestic Product (GDP).

Minister of Aviation, Mr. Osita Chidoka, said the investment portfolio of USD 62 billion, (about N15 trillion) is attainable because Nigeria was strategically located from where airlines can easily connect with other African countries, Europe and the Middle East as its population size and demography is a huge asset.

The minister, who spoke at that the the Aviation Executive Business Forum in Lagos, also said that the aviation industry has contributed about $0.7 billion (N137.9 billion) to the Nigerian Gross Domestic Product (GDP), and said a projected investment of USD 12 billion in the short and mid-term by 2018 will result in passengers’ growth to between 12 and 25 million while the long term investment of USD 50 billion by 2043 will ferry 110 million passengers.

He explained that government will create the enabling environment that will offer decent returns on investment to every stakeholder in the industry and contribute to the country’s GDP that currently stand at 0.4 percent. He also said part of the action plans include stimulating both local and foreign direct investment, facilitate government intervention and guarantees as well as reduce industry risk and expand credit and aviation finance tailored to industry requirement.