Keyamo: CBN working to ensure local airlines have access to enough FX

Festus Keyamo, minister of aviation and aerospace development, says the Central Bank of Nigeria (CBN) is working to ensure local airlines have access to enough foreign exchange (FX).

Speaking during an interview on Arise Television on Tuesday, Keyamo said he is working with the CBN to meet the FX demands of the Airline Operators of Nigeria (AON).

He commended the collaborative efforts of Olayemi Cardoso, the CBN governor, and President Bola Tinubu for their role in clearing the backlog of trapped funds owed to foreign airlines, emphasising that the aviation sector had been identified as a key driver of the economy.

“It is one of our objectives to ensure they have access to forex. The CBN is looking into that and pushing for that. Don’t forget that one of the first things the CBN did was to also take care of the airline industry when they came, credit to the CBN governor,” Keyamo said.

“By the time we made our case and the president gave his directive, we worked closely with them. That is why you can see that we cleared the backlog of trapped funds to foreign airlines. Credit to the CBN governor, credit to the president.

“They identified aviation as one of the key drivers for economy and they attended to it first so it is something that they are looking at and very soon, I am pushing for it. I am standing in that gap for them, for the local airlines, they should have access to enough foreign exchange.”

‘MAJOR KPI IS TO SUPPORT GROWTH, DEVELOPMENT OF LOCAL AIRLINES’

The minister reaffirmed his commitment to the growth and development of local airlines, adding that it is a key performance indicator (KPI) of his role.

“One of my major KPIs is to support the growth and development of the local airlines. Nobody has done that before,” he said.

According to Keyamo, his focus on local operators has earned significant support and praise from industry stakeholders.

He added that, despite sarcastic remarks from some quarters, he is proud to be known as the “minister of local airlines,” as the sector is vital to Nigeria’s aviation industry.

During a meeting between Vice-President Kashim Shettima and AON, on September 17, Allen Onyema, chief executive officer (CEO) of Air Peace, called for additional measures to support the industry’s growth, suggesting that the CBN could give airline operators a special FX window within its system.

The meeting was part of the federal government’s efforts to address the FX issues in the sector.