Nigeria will receive over $4 billion in nominal revenue as the Federal Executive Council (FEC), approved the concession of the Corporacion American Airport Consortium (CAAP).
CAAP is Luxembourg-based company, which will operate the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano.
James Odaudu, the Special Assistant on Public Affairs to the Minister of Aviation, disclosed this in a statement on Thursday.
He added that that the Federal Ministry of Aviation would also be renamed to Ministry of Aviation and Aerospace.
According to the statement, the company would make an upfront payment of $8.5 million for the approval of NAIA and MAKIA.
Odaudu added that the development would bolster remarkable growth within the Nigerian aviation industry.
“In alignment with the Aviation Roadmap, approved by Mr President on 18th October 2016, the Ministry of Aviation and Aerospace is delighted to inform all stakeholders, both local and international, and the media, that the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano has been approved by the Federal Executive Council,” the statement said
Following a series of examinations of technical and financial proposals, Corporacion American Airport Consortium was named the top bidder for the airport’s concession in December 2022 and January 2023.
Nominal revenues are earnings that have not been modified for inflation or the loss of buying power.
