Friday , 7 October 2022
L-R: Representative of Minister for State of Aviation, Director of Operation and Training of Nigerian Civil Aviation Authority, Capt. Sidi Abdullahi; Sales Director, West Africa Commercial Airplanes, Boeing, Mr. Larry Tolliver; Executive Director, Spring Fountain, Mrs. Tokunbo Fagbemi; Special Guest, Chief Femi Olopade and Chairman, Air Peace, Mr. Alen Onyema, during the Seminar on 2017 Expanded Horizon Conference theme: Aviation Education Infrastructure Challenges and Potential, in Lagos

Springfountain, Boeing sign ‘Work Together’ agreement as firm plans $20b investment

EXECUTIVE Director, Springfountain Infrastructure Ltd, Mrs. Tokunbo Fagbemi has revealed plans that the company intends to provide 200 aircraft in 20 years for the teeming flying population of the country with plans to invest over $20 billion in key need areas of aviation.

The company plans to invest massively in key areas of aviation such as aircraft leasing, Maintenance, Repair Organization (MRO), Spares logistics and supply and aggregated services solutions.

All this is coming on the backdrop of a Work Together agreement it signed earlier today with American aircraft manufacturer, Boeing at the Aviation Education and Aviation Education Infrastructure conference

The thrust of the agreement is aimed at improving the industry will through the investments which will create opportunities for millions more as the areas they are focusing on will require local skills in diverse fields.

Mrs. Fagbemi  said,“We have faced the realization that our proposed investment (inclusive of FDI) of over $20 Billion dollars in Aircraft Leasing, MRO, Spares Logistics and Supply and Aggregated Services Solutions will require the local skills in diverse fields ranging from piloting, aviation engineering, aviation economics, aviation law etc. We believe that this challenge is also relevant for the industry as a whole.”

She also challenged government to take measures to ensure air travel is affordable to the masses so that the market would be harnessed as well as exempt the industry from certain charges inimical to the industry’s growth.

“What do we ask from Government is commitment, commitment to increase primary demand for air travel.  We need for government to commit today to “take” flying to the masses by making air travel affordable and convenient.”

She said Nigeria with a population of 180 million people has 12 million of people travelling domestically and less than five million of flying on the international routes.

“The propensity to travel for Nigeria is 0.12 while the propensity to travel for South Africa is 0.87. If Nigeria is to have 44 million passenger departures per annum, it will require over 100 aircraft to meet this propensity to travel, Nigeria will need more aircraft.

“To boost its international including intercontinental flight potential, the airlines have to improve in both the quality and quantity of the aircraft. In addition, the aircrafts have to be brand new to be at par with competition within Africa at the least.

Speaking earlier, representative of Boeing Company, Head of Sales, West and Central Africa, Larry Tailor saluted springfountain stating that they were proud working with the company.


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