Aviation experts say, the industry need 50 billion U.S dollars to fund its infrastructure in the next 30 years.
They say, the funds had to be sourced outside the country through foreign direct investment, FDI.
Speaking at the 2017 colloquium by the Nigeria travelsmart in Lagos with the theme: Vision 2050: How to fast track Nigeria’s aviation, organised by an aviation consultant, Mr. Simon Tumba, one of the speakers a financial expert, Mr. Opeyemi Agbaje said the capital to funding the infrastructure deficit was not with government but on Foreign Direct Investment.
He noted that in 2016, 4 billion dollars of foreign direct investment came into Nigeria, 59 billion dollars to Africa while 1. 7 trillion dollars moved around the world, adding that the country must be willing to seek global private capital to fast track the sector.
Mr. Agbaje explained that to attract investors, Nigeria,“It requires a stable macroeconomic environment; forward-looking and proactive policy; a clear and compelling vision for the industry shared by all stakeholders including government and the private sector; and regulation that seeks to foster industry transformation,”
Former Director-General, Nigeria Civil Aviation Authority, NCAA Dr. Harold Demuren while expressing the optimism that the future of the sector is bright, list among others good corporate governance and safety regulation without political interference in attracting foreign investors.
According to Demuren,” good corporate governance, you must also be credit worthy, then you can attract the necessary financing, the money is not in Nigeria but outside but if they know that they are going to bring the money in and going to be squandered and end in some else’s pocket, they will not come”.
Captain Dapo Olumide also noted that when investors are sure of getting returns on their investment, they would be willing to invest.
“This is more of the issue of how do you remit your funds, you invest in dollars but how do you get your dollars back because it is one thing for Government to say Yes,you can get your dollars back but can you get it at the official rate but are the dollars in the bank, can you go to the banks and collect your money”.