The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Nigeria Aircraft Leasing Company as part of efforts to address aircraft acquisition and leasing challenges facing local airlines.
This was disclosed in a statement on Tuesday in Abuja by the Special Adviser on Media and Communications to the Minister, Tunde Moshood.
According to the statement, Keyamo announced the initiative at a high-level stakeholders’ meeting held in his office in Abuja on Monday.
The event drew airline operators, aviation investors, industry regulators, and other key players in the sector.
Speaking at the meeting, Keyamo said strengthening indigenous airline operators remains a cardinal objective of his administration.
“We are not just making promises; we have been doing our best for the past three years. We are aware that many Air Operator Certificate, AOC, holders are finding it difficult to take off,” he said.
The Minister explained that the leasing company has been part of Nigeria’s aviation roadmap since 2015 but was delayed by compliance issues with the Cape Town Convention.
“With the Cape Town Convention compliance issues now resolved, the path is clear for the commencement of the leasing company project,” he stated.
Keyamo stressed that patronage of the company would not be mandatory for airlines, describing it as a Special Purpose Vehicle, SPV, designed to ease access to aircraft leasing for local carriers.
“Those who will manage this initiative are not competitors to the airlines. They are not applying for AOCs,” he added.
He disclosed that the African Development Bank is set to sign a Memorandum of Understanding with Nigeria on the initiative, signaling growing international confidence in the project.
President Bola Tinubu has directed the ministries of Aviation and Aerospace Development, Finance, Trade and Industry, and Justice to collaborate on the firm’s operational structure, the statement said.
Keyamo noted that government guarantees under the arrangement would be limited to aircraft repossession obligations, adding that the project remains private sector-driven.
Responding on behalf of operators, Ibom Air CEO George Uriesi commended the minister for what he described as bold reforms in the sector.
Uriesi cited the resolution of Cape Town Convention issues, insurance-related reforms, and the new leasing company as “three big things” achieved under Keyamo.
“If you pull this off successfully, Honourable Minister, your administration will remain almost unbeaten in Nigerian aviation,” Uriesi said, describing the initiative as “very welcome and long overdue.”
The Nigeria Aircraft Leasing Company is expected to boost the operational capacity of local airlines, improve access to modern aircraft, and deepen investor confidence in the industry, the statement added.
