The Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Onabanjo-Kuku, has said the planned extension of the Lagos Red Line to the Murtala Muhammed International Airport will have about five stops within the airport.

The rail project, being initiated by the Federal Ministry of Aviation and Aerospace Development, is expected to connect the airport directly with the city and improve mobility for passengers and airport users.

Speaking during the inspection of the ongoing remodelling of the Lagos International Airport terminals one and two, the FAAN boss said the proposed stops would serve Terminal 1, Terminal 2, Hadron Cargo, airport offices and another location around Bisam.

She said the project would effectively extend the Red Line from its current terminus around Ikeja into the airport, allowing passengers to travel between the airport and other parts of Lagos without relying entirely on road transportation.

She said, “The whole idea is to connect the city to the airport. So from the airport, you should be able to get into Marina almost immediately. You shouldn’t have to use cars.”

The FAAN chief, however, said the project would not begin immediately, as several technical and regulatory processes were still underway. Environmental impact assessments, design reviews and procurement procedures are currently being handled as part of the preparations for construction.

She described the rail link as a landmark and iconic project that would complement the extensive rehabilitation and expansion work already taking place at Terminals 1 and 2 of the international wing of the airport.

Speaking on the ongoing construction works at the airport, the FAAN boss expressed optimism that some major components of the rehabilitation would be completed before the December travel rush.

She said the final concrete work for the overhead bridge linking Terminals 1 and 2 had been completed, marking a significant milestone in the project. According to her, the bridge is expected to ease movement between the terminals and improve the overall passenger experience.

She stated, “I’m extremely excited to see the level of progress. I’ve just engaged some of the consultants and the engineering team on the project, and I’ve been informed that in the next couple of months this will be ready for use.”

She said the canopy and structural work were substantially completed, while the rails had also been installed. The aim, she added, was to have the bridge open before the peak December travel period.

“Beyond the bridge, as you can see, work is progressing on Terminal 1, including the distinctive canopy structure and façade. The authority is also working on baggage-handling systems, check-in technology, retail facilities and other systems intended to modernise passenger processing.”

Onabanjo-Kuku acknowledged that the prolonged construction had tested the patience of passengers, many of whom had expressed frustration over traffic and movement around the airport.

She said the difficulties were understandable, particularly because the airport had operated for about 50 years without a major upgrade of this scale.

“Passengers have been extremely patient with us. I have seen people who have expressed frustrations. Those frustrations happen, especially in an airport that has been here for about 50 years with no major upgrades,” he said.

Onabanjo-Kuku appealed to travellers to understand the difficult balance between maintaining airport operations and executing major construction works.

“We have a highly volatile construction environment going on. We also have an operational environment. It’s quite challenging to be operating an airport and having such a major rehabilitation going on,” she said.

The authority is also making provisions for passengers with limited mobility. She explained that FAAN had brought in two ambulifts, while a ground-handling company had provided another, increasing the available equipment for passengers who require assistance.

The renovated facilities, she said, would also incorporate wheelchair-accessible ramps, elevators and improved passenger separation, while flight information systems would cater to travellers with hearing and visual impairments.

“We want to make sure that this is an inclusive project for all of our passengers,” he said.

Meanwhile, FAAN has urged passengers to cooperate with traffic and movement arrangements at the airport. The authority recently connected the Seymour Car Park to Terminal 2 and appealed to motorists to use designated levels and follow directional signs.

The FAAN chief also advised passengers to arrive at least three to four hours before their flights during the construction period, check with their airlines for updates and follow instructions from airport personnel.

“We are also making sure that we deploy a lot more people into the airport during that period,” she added.

Nigeria faces a $6.4bn sovereign Eurobond repayment burden between 2024 and 2030, ranking joint third among the largest repayment exposures in sub-Saharan Africa, according to the World Bank.

The World Bank disclosed this in its October 2026 Africa Economic Update, titled Building AI Readiness, which examined rising debt-servicing and refinancing pressures across the continent.

The report said, “South Africa faces the largest repayment burden, with US$11.8 billion, with maturities in every year of the period. It is followed by Ghana ($6.4bn), Nigeria ($6.4bn), and Angola ($3.9bn).”

This places Nigeria and Ghana jointly behind South Africa in the ranking of countries with the largest Eurobond principal falling due during the seven-year period.

Overall, the World Bank estimated that sovereign Eurobond principal maturing across 13 sub-Saharan African countries between 2024 and 2030 stood at about $43.6bn, after adjusting for bond buybacks and liability-management operations completed through August 2026.

Nigeria’s $6.4bn exposure represents about 14.7 per cent of the region’s total maturity burden. Together, South Africa, Ghana and Nigeria account for $24.6bn, or about 56 per cent of the $43.6bn maturity wall.

Other countries with significant obligations include Angola at $3.9bn, Kenya at $3.2bn, Côte d’Ivoire at $2.8bn and Zambia at $2.2bn.

The repayment burden comes amid significantly higher borrowing costs for Nigeria and other African sovereigns returning to international capital markets following the global monetary tightening cycle that began in 2022.

The World Bank said sovereign Eurobond issuance in sub-Saharan Africa totalled about $122bn across 158 transactions between 2015 and August 2026.

Six countries accounted for more than 80 per cent of those issuances, with Nigeria emerging as the region’s second-largest issuer.

South Africa issued $23.7bn through 15 transactions during the period, while Nigeria raised $20bn across 18 transactions. Angola followed with $15.8bn, Côte d’Ivoire with $15bn, Ghana with $12.6bn and Kenya with $12.2bn.

International capital markets became largely inaccessible to African governments after global interest rates rose in 2022. Nigeria, Angola and South Africa were the only sub-Saharan African sovereigns able to issue Eurobonds that year, according to the report.

Market access began recovering in 2024, when Nigeria raised $2.2bn alongside issuances of $3.5bn by South Africa, $2.6bn by Côte d’Ivoire and $1.5bn by Kenya.

However, the return to the market came at a substantially higher price. The report noted that Nigeria’s 2024 Eurobond issuances carried coupons of 9.6 per cent and 10.4 per cent, about 300 basis points higher than comparable issuances in 2021.

Across the region, yields on bonds issued during the 2024 market reopening ranged between 7.1 per cent and 10.4 per cent, about 300 to 500 basis points above comparable levels before 2022.

The World Bank warned that the higher borrowing costs could compound fiscal pressures even where countries successfully refinance maturing obligations.

“Although refinancing operations help ease near-term rollover pressures, they also lock in higher debt service costs for years to come, increasing fiscal burdens and reducing policy space even as immediate refinancing risks subside,” the report said.

The bank said refinancing, rather than outright repayment from government revenues, had become the main strategy adopted by most African sovereigns confronting maturing Eurobonds.

For instance, Kenya refinanced most of a $2bn Eurobond that matured in 2024 by issuing $1.5bn in new debt, supplemented with budget resources. The new borrowing came at a yield of 10.4 per cent compared with the 6.9 per cent coupon on the original debt.

Ghana, meanwhile, dealt with its obligations through a debt exchange completed in October 2024, while Ethiopia restructured its $1bn debut Eurobond after entering default in late 2023.

The maturity pressure is expected to remain substantial across the region. Following liability-management operations that reduced obligations falling due in 2028 to about $5.5bn, the largest forthcoming concentrations are $6.6bn in 2027 and $7.5bn in 2029.

The World Bank raised a further concern over the structure of recent borrowing, noting that many Eurobonds issued during the 2024-2026 reopening have maturities of only five to six years, compared with the 10- to 12-year tenors common before the COVID-19 pandemic.

It warned that the combination of shorter maturities and higher interest rates meant refinancing pressures could return sooner.

“For several Sub-Saharan African sovereigns, Eurobond financing increasingly resembles a refinancing cycle in which successive rollovers address near-term maturities but gradually erode fiscal space through higher debt service costs,” the Bank stated.

Beyond Eurobonds, the report said public and publicly guaranteed external debt service across sub-Saharan Africa had remained elevated at about 1.6 to 1.7 per cent of gross domestic product since 2021.

It warned that rising interest and principal payments were consuming government revenues that could otherwise finance infrastructure, human capital and social protection.

The Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, has been appointed President of the African Securities Exchanges Association, effective September 30, 2026.

Chiemeka, who also chairs the West African Capital Markets Integration Council, succeeds Pierre Célestin Rwabukumba, Chief Executive Officer of the Rwanda Stock Exchange, as ASEA moves to deepen integration and strengthen collaboration among African capital markets.

The association, according to a statement, said the appointment comes at a critical time as it seeks to improve market liquidity, strengthen regional connectivity, accelerate technology adoption and promote cross-border capital flows across the continent.

With more than 30 years of experience in the capital markets, spanning securities trading, asset management and investment banking, Chiemeka has played key roles in regional market initiatives and major transactions.

Reacting to his appointment, Chiemeka described it as a privilege to lead ASEA at a time when market integration and technology-driven innovation are increasingly important to Africa’s economic development.

“It is a privilege to lead the African Securities Exchanges Association at a time when capital market integration and technology-driven innovation are paramount to unlocking Africa’s economic potential,” said Mr. Chiemeka.

“Building on the solid foundation laid by my predecessor, Mr Pierre Célestin Rwabukumba, ASEA will continue to advocate for stronger cross-border investment frameworks, deeper liquidity pools, and sustainable finance initiatives across our member exchanges,” he said.

In his outgoing address, Rwabukumba reflected on his tenure: “Leading ASEA has been an honour, and I am proud of the progress we have made in bringing African exchanges closer together. I extend my warmest congratulations to Jude Chiemeka. His extensive leadership across both the Nigerian market and WACMIC makes him exceptionally qualified to guide ASEA into its next chapter of growth.”

Under Chiemeka’s presidency, ASEA will focus on deepening cross-border market integration by facilitating inter-exchange trading and cross-listing across African jurisdictions.

The association will also prioritise digital innovation through the adoption of financial technology and modern market infrastructure to improve operational efficiency and expand retail investor access.

Other priorities include increasing capital mobility by strengthening links with global institutional investors while encouraging greater local participation, as well as promoting sustainable finance through efforts to standardise environmental, social and governance frameworks and green bond listings across member exchanges.

The appointment is expected to further strengthen Nigeria’s role in efforts to integrate African capital markets and create a more connected investment environment across the continent.