…reaffirms commitment to support local airlines
Festus Keyamo, the Minister of Aviation and Aerospace Development, has officially unveiled the Nigeria Aircraft Leasing Company in a stakeholders’ meeting held at his office in Abuja, describing the initiative as a landmark intervention aimed at easing aircraft acquisition and leasing challenges confronting Nigerian airlines.
The strategic unveiling ceremony attracted top airline operators, aviation investors, industry regulators and critical stakeholders within the Nigerian aviation ecosystem, all of whom gathered to witness what has been widely described as a transformational moment for the nation’s aviation industry.
Speaking during the meeting, Keyamo reiterated that one of the cardinal objectives of his administration is to formulate and implement policies that will strengthen and support indigenous airline operators.
“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 stated.
Giving historical context to the initiative, the Minister explained that the Nigeria Aircraft Leasing Company has always been part of the aviation roadmap conceptualized since 2015. According to him, one major obstacle that delayed the realization of the project was Nigeria’s compliance issues with the Cape Town Convention.
He disclosed that with the Cape Town Convention compliance issues now successfully resolved, the path has become clear for the commencement of the leasing company project.
The Minister further clarified that patronage of the leasing company would not be mandatory for airlines, stressing that the initiative is purely designed as a Special Purpose Vehicle (SPV) to facilitate easier access to aircraft leasing opportunities 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 emphasised.
Keyamo also revealed that the African Development Bank is in the process of signing a Memorandum of Understanding (MoU) with Nigeria on the aircraft leasing initiative, further demonstrating growing international confidence in the project.
On the framework of the initiative, the Minister informed stakeholders that President Bola Ahmed Tinubu has graciously directed four key ministries — Aviation and Aerospace Development, Finance, Trade and Industry, and Justice — to work collaboratively on the formulation and operational structure of the leasing company.
He also noted that government guarantees under the arrangement would strictly be limited to aircraft repossession obligations, while emphasizing that the project remains fundamentally private sector-driven.
Responding on behalf of airline operators, George Uriesi, the Chief Executive Officer of Ibom Air, commended the Minister for what he described as bold and transformative reforms within the aviation sector.
According to Uriesi, the Minister has successfully accomplished “three big things” for the aviation industry, citing the resolution of the Cape Town Convention issues, insurance-related reforms, and now the unveiling of 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 stated, adding that the aircraft leasing initiative is “a very welcome and long overdue development.”
The unveiling of the Nigeria Aircraft Leasing Company is expected to boost the operational capacity of local airlines, improve access to modern aircraft, deepen investor confidence and accelerate the growth and competitiveness of Nigeria’s aviation industry within Africa and beyond.
Ifeoma Okeke-Korieocha
Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers.
She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay.
She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos.
As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender.
She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies.
Ifeoma is a one-time winner of the
prestigious Nigeria Media Merit Award under the ‘Aviation Writer of the Year’ Category.
She is the 2025 Eloy Award winner under the Print Media Journalist category.
She has undergone several journalism trainings by various prestigious organisations.
Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.
