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Airlines to Boost Domestic Fleet with Dry-leased Planes

The Airline Operators of Nigeria (AON) yesterday disclosed that Nigerian airlines would start receiving dry-lease aircraft from lessors across the world.

The operators said this was made possible through the efforts of the Minister of Aviation and Aerospace Development, Festus Keyamo, adding that the arrival of the aircraft would increase the fleet of the domestic airlines.

The AON representing indigenous carriers stated this in a statement yesterday just as Air Peace, the largest carrier in Nigeria, acquired a new aircraft Embraer 190 to boost its fleet.

AON vice president, Mr Allen Onyema, in a statement commended Keyamo “for his exceptional dedication to the growth and sustainability of local airlines in Nigeria.”

Before now Nigerian airlines were unable to acquire dry-lease aircraft but wet-leased planes which operations are considered expensive.

Aircraft on wet-lease come with aircraft, complete crew, maintenance, and insurance (ACMI) while in a dry-lease arrangement on the other hand, the local carrier is responsible for the crew, maintenance and insurance and it is cheaper to operate compared to the wet-lease.

Following the implementation of the practice direction for the Cape Town Convention (CTC), the federal government was able to remove impediment for domestic carriers to have access to dry aircraft lease to shore up their operations.

Onyema in the statement described Keyamo as “God-sent to Nigeria’s aviation industry,” acknowledging his proactive, reform-driven leadership since assuming office in August 2023.

“Love him or hate him, believe it or not, Festus Keyamo is absolutely God-sent to Nigeria’s aviation industry,” the statement read.

“President Bola Ahmed Tinubu is a genius when selecting the right persons for strategic positions of immense national importance. The appointment of Keyamo is one made right.”

According to AON, the honourable minister has demonstrated uncommon political will and deep understanding of the industry’s challenges. Through targeted interventions and reforms, he has not only defended the interests of local carriers but also elevated Nigeria’s profile on the global aviation scene.

“This minister has re-positioned Nigeria’s aviation and Nigeria positively on the global scene. In the coming weeks, Nigerian airlines will begin receiving the all-important dry-leased aircraft, a landmark development that will empower operators to grow their fleets with greater ease and affordability,” it said.

AON also praised President Tinubu for backing the minister’s efforts and “giving him the marching orders to improve the lot of indigenous airlines.”