Afreximbank Pledges Support for Aircraft Financing for Nigerian Airlines

Tunde Moshood, Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed the development in a statement on Wednesday

ABUJA – Nigerian airlines are set to benefit from enhanced aircraft financing opportunities following a successful meeting between the federal government and Afreximbank at the Aviation Economic Conference in Dublin, Ireland.

Tunde Moshood, Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed the development in a statement on Wednesday.

The meeting, held on the sidelines of the conference, was facilitated by Boeing’s Senior Director of Finance, Lereece Rose, and brought together key stakeholders in the aviation sector to explore financing options for Nigerian airlines.

The Nigerian delegation was led by Keyamo and included prominent figures such as Chairman of the Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman of the House Committee on Aviation, Hon. Abdullahi Idris Garba; Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Abiru Adetokunbo; Director General of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; and representatives from Nigerian airlines including Air Peace, XEJet, ValueJet, and Bellagio Air.

Afreximbank’s Commitment to Nigerian Airlines

Afreximbank, represented by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing. The bank, which has a 30-year history of promoting trade across Africa, has previously supported airlines such as Arik Air, Kenya Airways, and TAG.

Brume highlighted the need for robust aviation infrastructure to enhance the competitiveness of African airlines and announced Afreximbank’s plans to establish a leasing subsidiary.

The new subsidiary will take delivery of 25 aircraft, which will be available for dry lease to African carriers, including Nigerian airlines.

This initiative aims to provide operators with better access to aircraft, enabling them to service Bilateral Air Service Agreement (BASA) routes and expand domestic operations.

Boosting Nigeria’s Aviation Sector

During the discussions, Rose commended the efforts of Minister Keyamo in improving Nigeria’s aviation ecosystem, particularly the country’s progress in the Cape Town Convention compliance score, which has increased from 49.5% to 75.5%.

The Cape Town Convention, an international treaty facilitating aircraft financing and leasing, plays a crucial role in making Nigeria more attractive to investors and lessors.

“The progress Nigeria has made underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing,” Rose stated.

Keyamo emphasized the need for strong partnerships to enhance aircraft financing for Nigerian operators, which he believes will facilitate industry growth and improved service delivery.

In response, Afreximbank reiterated its commitment to working with the Nigerian government to advance the country’s aviation sector.

A committee has been established to follow up on the discussions and ensure that the partnership between Nigeria and Afreximbank translates into actionable solutions for the country’s airlines.

With this development, Nigerian airlines could soon have greater access to affordable aircraft leasing and financing, potentially transforming the nation’s aviation landscape.

 

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