Festus Keyamo, the Minister of Aviation and Aerospace Development, has officially unveiled the Nigeria Aircraft Leasing Company. This initiative is designed to address the challenges Nigerian airlines face in acquiring and leasing aircraft.
The unveiling ceremony in Abuja brought together airline operators, aviation investors, industry regulators, and other stakeholders. Keyamo reiterated his administration's commitment to strengthening indigenous airline operators through supportive policies.
“We are aware that there are so many Air Operator Certificate (AOC) holders finding it difficult to take off,” the Minister stated, highlighting the need for this intervention.
The Nigeria Aircraft Leasing Company has been part of the aviation roadmap since 2015. Delays were attributed to Nigeria's compliance issues with the Cape Town Convention, which have now been resolved, clearing the path for the project.
Keyamo clarified that the leasing company will operate as a Special Purpose Vehicle (SPV) to facilitate, not mandate, aircraft leasing 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 emphasized.
The African Development Bank is reportedly in the process of signing a Memorandum of Understanding (MoU) with Nigeria concerning the aircraft leasing initiative, indicating growing international confidence.
President Bola Ahmed Tinubu has directed the Ministries of Aviation and Aerospace Development, Finance, Trade and Industry, and Justice to collaborate on the operational structure of the leasing company. Government guarantees will be limited to aircraft repossession obligations, with the project remaining fundamentally private sector-driven.
George Uriesi, CEO of Ibom Air, commended the Minister for resolving Cape Town Convention issues, insurance reforms, and launching the leasing company, calling it a “very welcome and long overdue development.”
The Nigeria Aircraft Leasing Company is expected to enhance the operational capacity of local airlines, improve access to modern aircraft, boost investor confidence, and accelerate the growth of Nigeria’s aviation industry.
