The Murtala Muhammed International Airport (MMIA) in Lagos, can recoup the N712.26 billion earmarked for its upgrade within three years.
The Minister of Aviation and Aerospace Development, Festus Keyamo, made this disclosure while responding to a question on the project’s return on investment during an interview on Channels Television’s Sunday Politics.
According to Keyamo, the airport is financially self-sustaining and one of the few viable airports in the country, just as he also added that the upgrade will be funded through the Renewed Hope Infrastructure Fund, not external loans or the national budget.
“We make about N200 billion annually from Lagos alone. In three years, we’ll recover the entire cost of the MMIA upgrade. That’s why we’re confident this investment is justified,” he said.
The N712.26 billion allocated for the Lagos airport redevelopment is part of a broader N987 billion infrastructure package recently approved by the Federal Government for comprehensive upgrades across airports in the country.
The minster added that only the Lagos, Abuja, and Kano airports currently generate sufficient revenue to cover their operational costs, with income from Lagos frequently used to subsidise underperforming airports nationwide.
Keyamo also added that Lagos alone accounts for 67% of all passenger traffic in and out of Nigeria, highlighting its strategic importance within the country’s aviation ecosystem.
