Festus Keyamo, minister of aviation and aerospace development, says the African Development Bank (AfDB) is in the process of signing a memorandum of understanding (MoU) with Nigeria on the proposed aircraft leasing initiative.
Keyamo said the development signals growing international
confidence in the project, which is expected to ease aircraft acquisition
challenges facing domestic airlines.
Speaking at a high-level stakeholders’ meeting in Abuja,
where the Nigeria aircraft leasing company was officially unveiled, the
minister said the initiative is a key intervention aimed at improving access to
modern aircraft.
According to a statement by Tunde Moshood, special adviser
on media and communications to the minister on Tuesday, the meeting attracted
airline operators, aviation investors, regulators and other stakeholders across
the aviation ecosystem.
Keyamo added that President Bola Tinubu had directed four
ministries — aviation and aerospace development, finance, trade and industry,
and justice — to collaborate on developing the framework and operational
structure for the leasing company.
The minister reiterated that one of the cardinal objectives
of his administration is to formulate and implement policies that will
strengthen and support indigenous airline operators.
“We are not just making mouth; we have been doing our best
for the past three years. We are aware that there are so many Air Operator
Certificate (AOC) holders finding it difficult to take off,” Keyamo said.
He noted that government guarantees under the structure
would be strictly limited to aircraft repossession obligations, stressing that
the initiative remains fundamentally private-sector driven.
The minister also said patronage of the leasing company
would not be mandatory for airlines, noting that the initiative is purely
designed as a special purpose vehicle (SPV) to facilitate easier access to
aircraft leasing opportunities for local carriers.
“Those who’re going to manage this initiative are not
competitors to the airlines. It is purely an SPV established to help ease
aircraft leasing for Nigerian operators. They are not applying for AOCs,” he
said.
‘AIRCRAFT LEASING COMPANY A WELCOME DEVELOPMENT’
Responding on behalf of airline operators, George Uriesi,
the chief executive officer (CEO) of Ibom Air, commended the minister for his
bold and transformative reforms within the aviation sector.
Uriesi said the minister had achieved “three big things” —
resolution of Cape Town Convention issues, insurance reforms, and the unveiling
of the leasing company — adding that the initiative is “a very welcome and long
overdue development”.
On April 30, the federal executive council (FEC) approved
the establishment of a Nigerian aircraft leasing company.
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