Festus Keyamo, minister of aviation and aerospace development, says the concession agreements for Port Harcourt International Airport are in their final stage.
Speaking on a X space on Monday hosted by the National Orientation Agency (NOA), Keyamo explained that while Lagos, Abuja, and Kano airports generate significant revenue, many other airports operate at a loss.
He distinguished between aeronautical and non-aeronautical revenues, noting that payments by airlines for navigational services, parking, and terminal usage—known as aeronautical revenues—are insufficient to run airports.
“All over the world, aeronautical revenues are not enough. That is why when you go to many airports, you see five-star hotels, conference centres, and cafes. Those are the things that raise revenues for those airports to run,” the minister said.
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Keyamo said the government plans to give private investors long-term leases of 15 to 30 years to develop airports into “aerotropolises” that can generate profit for both operators and the federal government.
“We have concessioned Enugu. Port Harcourt has been approved. We are in the process of dotting the I’s and crossing the T’s in terms of the agreements we are signing with concessionaires,” he said.
“All the other smaller airports are open for concession. We are calling on international investors and local investors to come and invest.”
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On August 1, the federal executive council (FEC) approved the full business case for a 30-year concession of Akanu Ibiam International Airport, Enugu.
The deal covers both the airport and its unfinished cargo terminal, adding that it would address financial burdens associated with smaller airports.
Also, the minister, in November, said the FEC has approved the business case for the concessioning of the Port Harcourt airport.
Keyamo also assured that no worker will lose their job as a result of the concession process.
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