Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has officially kicked off the construction of Air Peace’s massive Maintenance, Repair, and Overhaul facility at Lagos’ Murtala Muhammed International Airport – www.naijnaira.com reports.
The project, valued at N32 billion, is expected to drastically cut costs for airlines that currently spend heavily on overseas aircraft servicing, according to Chinedu Eze.
Keyamo stressed that the hangar would save Nigerian airlines over N360 billion annually in foreign exchange, with Air Peace alone spending about N180 billion yearly on maintenance abroad.
Built on 34,000 square meters of airport land, the project is projected to create 50,000 jobs while attracting regional and international airlines to service their fleets in Nigeria.
“This is more than just an Air Peace project, it is a national treasure that demands our protection and commitment,” Keyamo said at the groundbreaking ceremony.
He described the initiative as a direct outcome of President Bola Tinubu’s diplomatic visit to Brazil, which helped secure Embraer’s technical support.
Keyamo noted that foreign carriers still dominate 95 percent of international flights out of Nigeria and urged banks to back local operators with financing for fleet expansion.
Air Peace chairman Allen Onyema called the development a turning point for local airlines, saying, “This marks the first time airlines have received substantial support.”
He revealed that maintenance costs abroad had drained the airline’s resources in 2024, making the MRO facility a game-changer for both local and foreign carriers.
Onyema confirmed that Embraer would provide technical expertise to ensure the facility meets global standards and attracts international clients.
The Bank of Industry’s Executive Director, Dr. Ifeoma Uz’Okpala, pledged support, saying the project aligns with BOI’s mandate of creating jobs and improving efficiency for Nigerian businesses.
She added, “We are thrilled to partner with Air Peace because this project will significantly reduce airline costs while boosting the economy.”
Article updated 1 week ago. Content is written and modified by multiple authors.
