Nigeria borrows N106 Billion to build 11 Airports

Nigeria is again borrowing the sum of N106 billion from China to develop 11 of the 22 airports in the country, the Minister of Aviation, Princess Stella Oduah said yesterday at a press conference.

She said the first batch of 11 airports being remodeled have reached 80 percent completion and will soon be put to use.



Oduah said of the 11 airports to be remodeled with the loan from China, five will be cargoes while the remaining six will be developed into modern commercial airports, adding, "The second phase in our implementation strategy of the road map which falls under the medium term program of action is the construction of five new international terminals in Lagos, Abuja, Port-Harcourt, Kano and Enugu. Only yesterday, we achieved a significant milestone in this regard when Mr. President and the Federal Executive Council (FEC) graciously granted approval for the award of contract for the immediate take-off of construction work on these terminals.

"The contracts for the construction of the five airports have a lifespan of 24 months. The projects are to be executed with a concessionary loan of 22 years with 5 years moratorium at an interest rate of 2 percent. Mobilization to site by the contractors is expected to commence within 90 days. What this means is that before the end of the lifespan of this administration, we would have been able to bequeath to Nigerians the airports of their dreams," she said.

The minister who said she will soon be going to China to sign the loan agreement, reiterated the commitments of this administration towards transforming the Nigeria's air transport industry, adding, "After going round to inspect the state of infrastructure around our airports, and seeing the extent and level of decay and dilapidation, our resolve to make a difference was even more strengthened."

Must we borrow tod o everything in this country ... what happened to our money ....oga ooooo