The Federal Government has unveiled the Nigeria Aircraft Leasing Company, a major initiative aimed at helping local airlines overcome the long-standing challenge of aircraft acquisition and leasing.
At a stakeholders’ meeting in Abuja, the Minister of Aviation and Aerospace Development, Festus Keyamo described the project as a landmark intervention designed to strengthen indigenous carriers and expand the nation’s aviation sector.
He said the initiative, which has been part of Nigeria’s aviation roadmap since 2015, became possible following the resolution of the country’s compliance issues with the Cape Town Convention.
The minister explained that the leasing company would operate as a Special Purpose Vehicle to support airlines, and not compete with them.
He also disclosed that the African Development Bank is preparing to sign a Memorandum of Understanding with Nigeria on the project, while President Bola Tinubu has directed key ministries to work together on its operational framework.
Responding on behalf of operators, the Chief Executive Officer of Ibom Air, George Uriesi praised the reforms, describing the leasing initiative as a long overdue development capable of transforming Nigeria’s aviation industry.
Reporting By Nosa Aituamen