Keyamo Advocates Aircraft Dry Lease Arrangements to Enhance Nigerian Aviation Industry

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has voiced concerns over the ability of local airline operators to compete profitably and meet public demand. 

He stressed the necessity of opening the market for dry leasing of aircraft to Nigerian operators, identifying wet leasing as a major obstacle to sustainable growth.

During a meeting with the President and executive members of the National Association of Nigeria Travel Agencies (NANTA) in Abuja, the minister pledged to address the travel trade industry’s concerns and emphasized the need to empower Nigerians to revitalize the sector. 

He reiterated his commitment to restoring the aviation industry’s former glory, highlighting his recent visits to aircraft manufacturing companies to assist local investors in acquiring aircraft.

Mr. Keyamo called on NANTA to continue supporting the government’s efforts to create jobs and empower Nigerians.

NANTA President, Mr. Yinka Folami, praised Keyamo for his determination to reform the sector and assured him of NANTA’s ongoing support and collaboration. 

However, Mr. Folami also requested the minister’s intervention to ensure equity and fairness in the travel trade market, noting a significant 40% shrinkage due to unregulated cross-border trading by foreign merchants and their local partners.

The NANTA president urged the government to implement policies to curb these unethical practices and impose necessary sanctions to prevent economic sabotage. 

He emphasized that while NANTA has no issues with global players in the market, they must engage fairly and stop encroaching on global fares, which negatively impacts the Nigerian economy and travelers.