.jpeg)
The Minister of Aviation and Aerospace Development, Festus Keyamo, has officially unveiled the Nigeria Aircraft Leasing Company, describing the initiative as a major intervention aimed at addressing aircraft acquisition and leasing challenges facing indigenous airlines.
The unveiling took place during a high-level stakeholders’ meeting in Abuja attended by airline operators, aviation investors, regulators and other key industry players.
Speaking at the event, Keyamo said the Federal Government remains committed to strengthening local airline operators through policies designed to support growth and sustainability within the aviation sector.
“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,” the minister said.
He explained that the Nigeria Aircraft Leasing Company had been part of the aviation development roadmap since 2015, but implementation was delayed by Nigeria’s compliance challenges with the Cape Town Convention.
According to the minister, the resolution of those compliance issues has now paved the way for the commencement of the leasing initiative.
Keyamo clarified that participation in the leasing arrangement would not be compulsory for airlines, stressing that the company was established as a Special Purpose Vehicle (SPV) to facilitate easier access to aircraft leasing opportunities for local carriers.
“Those who are 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 stated.
The minister also disclosed that the African Development Bank is in the process of signing a Memorandum of Understanding with Nigeria on the project, a move he said reflects growing international confidence in the initiative.
He further revealed that President Bola Ahmed Tinubu had directed four ministries — Aviation and Aerospace Development, Finance, Trade and Industry, and Justice — to collaborate on the operational framework of the leasing company.
Keyamo noted that government guarantees under the arrangement would be limited strictly to aircraft repossession obligations, emphasizing that the project would remain private sector-driven.
Responding on behalf of airline operators, the Chief Executive Officer of Ibom Air, Mr. George Uriesi, commended the minister for what he described as transformative reforms in the aviation industry.
Uriesi said the minister had achieved “three big things” for the sector, including resolving the Cape Town Convention issues, implementing insurance-related reforms and unveiling the Nigeria Aircraft Leasing Company.
“If you're able to pull this over successfully, Honourable Minister, your administration will remain almost unbeaten in Nigerian aviation,” Uriesi said, describing the initiative as “a very welcome and long overdue development.”
Industry stakeholders believe the leasing company will boost the operational capacity of local airlines, improve access to modern aircraft, attract investors and enhance the competitiveness of Nigeria’s aviation industry across Africa.