Korede Abdullah 
Minister of Aviation and Aerospace Development, Festus Keyamo
LAGOS, Nigeria – The Federal Government has raised about $500 million for the reconstruction of Lagos airport and other aviation infrastructure without borrowing, Minister of Aviation and Aerospace Development, Festus Keyamo, has said.
Keyamo disclosed this on Monday in Lagos during the 67th anniversary of Aero Contractors Airline, attributing the funding capacity to economic reforms introduced by President Bola Tinubu’s administration. “The President raised $500m to rebuild the Lagos airport. Not money borrowed, because we were able to do what we should do. Our liquidity rose,” he said.
The minister also said Nigeria’s foreign reserves had increased from about $3 billion to $56 billion, arguing that improved liquidity and reserves had strengthened investor confidence and created opportunities for infrastructure investment.
Keyamo rejected criticism that higher foreign reserves had little impact on Nigerians facing economic hardship, arguing that infrastructure and investment were essential to creating sustainable employment. “Jobs don’t fall from heaven, jobs come as a result of either the infrastructure you are building or investments. That is how jobs are created,” he said.
He also disclosed that President Tinubu had approved the return of China Civil Engineering Construction Corporation (CCECC) to the Abuja airport project to construct the long-awaited second runway at the Nnamdi Azikiwe International Airport.
According to Keyamo, the project was initially estimated at about N45 billion, but its projected cost has now risen to nearly N500 billion.
He said the project had previously been delayed following concerns over its estimated cost. “The President is not only stopping at rebuilding Lagos International Airport. Mr President has also approved that CCECC go back to build the second runway in Abuja now,” Keyamo said.
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Oluwatobi Adu 
Hope Ajayi 
