The Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, has unveiled “the Nigeria Aircraft Leasing Company in a high-level stakeholders’ meeting held at his office in Abuja, describing the initiative as a landmark intervention aimed at easing aircraft acquisition and leasing challenges confronting Nigerian airlines.”
A statement by the Special Adviser on Media and Communication to the Honourable Minister of Aviation and Aerospace Development, Mr. Tunde Moshood said during the meeting, the Honourable 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.”
Mr. Moshood stated that giving historical context to the initiative, the Minister “explained that the Nigeria Aircraft Leasing Company has always been part of the aviation roadmap conceptualized since 2015.” According to Barr. Keyamo, “one major obstacle that delayed the realization of the project was Nigeria’s compliance issues with the Cape Town Convention.” He disclosed that “with the Cape Town Convention compliance issues now successfully resolved, the path has become clear for the commencement of the leasing company project.”
The Minister further clarified that “patronage of the leasing company would not be mandatory for airlines, stressing 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,” The Honourable Minister emphasized.
According to Mr. Moshood, “Keyamo also revealed that the African Development Bank is in the process of signing a Memorandum of Understanding (MoU) with Nigeria on the aircraft leasing initiative, further demonstrating growing international confidence in the project.”
The Honourable Minister also noted that “government guarantees under the arrangement would strictly be limited to aircraft repossession obligations, while emphasizing that the project remains fundamentally private sector-driven.”
Mr. Moshood added that “The unveiling of the Nigeria Aircraft Leasing Company is expected to significantly boost the operational capacity of local airlines, improve access to modern aircraft, deepen investor confidence and accelerate the growth and competitiveness of Nigeria’s aviation industry within Africa and beyond.”
