Eshiorameh Sebastian in Abuja
Nigeria has significantly bolstered its standing in the global aviation community, announcing a marked improvement in its implementation of a key international treaty that governs aircraft financing and leasing.
The countryโs compliance score under the Cape Town Convention has risen from 70.5% to 75.5%, a development hailed by the government as a signal that “Nigeria is open for business, on globally accepted terms.”
The announcement was made on Tuesday by the Honourable Minister of Aviation and Aerospace Development during his keynote address at the Cape Town Convention – Africa Event held in Abuja, a gathering of continental aviation leaders, regulators, and financiers.
The improvement follows the recent signing and operationalisation of the Irrevocable Deregistration and Export Request Authorization procedure and Practice Direction, key components of the treaty that provide certainty to aircraft lessors and financiers.
“This improvement reflects our governmentโs unwavering commitment to implementing the Convention in both substance and practice,” the Minister told the audience, which included the Secretary General of the African Civil Aviation Commission, Madam Adefunke Adeyemi, and the Secretary General of the Aviation Working Group, Mr. Jeffrey Wool. He stated that the progress strengthens Nigeria’s position as a “regional leader in aviation law reform and financing.”
The Cape Town Convention, in force for over two decades, creates a predictable legal regime for aircraft financing by reducing credit risk for lenders and lessors. For African nations, where the high cost of capital is a major barrier, the treaty is seen as a critical tool for enabling fleet expansion and modernisation.
The Minister described the convention as a “beacon of opportunity” for the continent.
“It signals to investors and financiers that our legal systems are reliable, our markets are stable, and our governments are committed to best practices in aviation asset management and protection,” he said, framing the treaty as more than a legal instrument but a “catalyst for aviation growth, economic transformation, and connectivity across Africa.”
This latest advancement in treaty compliance builds on a positive trajectory for Nigeria’s aviation sector. In September 2023, the country scored 70% in the International Civil Aviation Organisation’s Universal Safety Audit, an improvement from the 47.1% achieved in 2016. At that time, the government had affirmed that “safety remains Nigeriaโs priority, non-negotiable and it supersedes all other considerations for civil aviation.”
The recent progress on the Cape Town Convention adds a crucial financial and legal dimension to this broader push for international credibility and standards.
While celebrating Nigeria’s national achievement, the Minister emphasised that the full potential of the Cape Town Convention can only be realised through continental cooperation.
He noted that 28 African countries have now ratified the convention, but urged for deeper collaboration. “No country advances in isolation,” he stated.
“The full potential of the Cape Town Convention can only be realised when African states collectively embrace its principles, harmonise implementation, and ensure that national legal systems support its efficient operation.”
He outlined a shared continental vision where effective implementation of the treaty would directly translate into “lower financing costs for African airlines; easier access to modern aircraft and equipment; improved investor confidence; and enhanced safety and operational efficiency.”
The two-day event in Abuja, jointly organised by the Nigeria Civil Aviation Authority, the Federal Ministry of Aviation and Aerospace Development, the Aviation Working Group, and the African Civil Aviation Commission, is designed to foster this exact kind of harmonisation.
Delegates, including directors-general of civil aviation authorities, airline CEOs, and legal practitioners, are engaging on topics such as national law alignment and the consistent enforcement of the treaty’s provisions.
The Minister concluded his address with a call to action, urging attendees to ensure “that the benefits of this Convention translate into real economic growth for our nations and our people.” He reaffirmed Nigeria’s commitment, stating, “Nigeria stands ready to continue leading, learning, and partnering in this shared vision of a connected, competitive, and prosperous African aviation ecosystem.”
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