The Federal Government has signed a 30-year concession agreement with Port Harcourt Airport Company Limited for the management and development of the Jeremiah Obafemi Awolowo International Airport in Rivers State.
The agreement was signed on Thursday, November 12, 2026, in Abuja by the Minister of Aviation and Aerospace Development, Festus Keyamo, and representatives of the private operator, led by its Group Managing Director, Eyo Asuquo.
The concession is part of the Federal Government’s efforts to attract private-sector investment into Nigeria’s aviation industry, improve airport infrastructure and reduce the financial burden of operating airports that generate insufficient revenue.
Speaking during the signing ceremony, Keyamo explained that some airports across the country were operating at a loss, with revenues generated from major airports being used to subsidise their operations.
He noted that the high cost of running airport facilities, including personnel expenses, electricity and diesel-powered generators, had placed additional financial pressure on the government.
According to the minister, private investors have the financial capacity and technical expertise to develop the commercial components of airports, improve operational efficiency and unlock additional revenue opportunities.
Keyamo disclosed that the concession received the approval of President Bola Tinubu and the Federal Executive Council (FEC).
He also explained that the process had faced challenges under previous administrations, particularly resistance from aviation unions, but the government had engaged labour leaders to address concerns surrounding workers’ welfare.
The minister assured that no existing airport worker would lose their job because of the concession, adding that the President had directed that employees’ interests and conditions of service must be protected.
Speaking on behalf of the concessionaire, Eyo Asuquo assured that the company would invest in upgrading the airport’s infrastructure to meet international standards.
He added that the agreement would create additional employment opportunities rather than lead to job losses, while expressing the company’s ambition to transform the facility into a major regional aviation hub for the Gulf of Guinea.
Asuquo said the company’s vision includes improving connectivity to destinations across Africa, including Cape Town, South Africa.
The concession of Port Harcourt International Airport represents another major step in the Federal Government’s aviation reform programme, following a similar arrangement involving Akanu Ibiam International Airport in Enugu.
The government is also considering concession proposals for other airports, including Benin and Yola airports, as it seeks to expand private-sector participation in the management and development of aviation infrastructure across Nigeria.
The development is expected to improve airport services, attract investment, create employment opportunities and strengthen Port Harcourt’s position as an important aviation and commercial gateway in the Niger Delta.
