Nathaniel Irobi
In a major boost for the country’s aviation sector, President Bola Ahmed Tinubu has given the final approval for the take-off of the Nigerian Aircraft Leasing Company, a long-awaited intervention designed to help local carriers acquire and lease aircraft more easily.
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, officially unveiled the initiative during a high-level stakeholders’ meeting held at his office on Tuesday with top airline operators, aviation investors, industry regulators, and other critical players within the Nigerian aviation ecosystem.
According to the Minister, one key obstacle that had delayed the project since its conceptualization in 2015 was Nigeria’s compliance issues with the Cape Town Convention. With those issues now resolved, the path is finally open.
Keyamo emphasised that the leasing company will operate as a Special Purpose Vehicle, not as a competitor to airlines.
“Those who are 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,” he said, adding that patronage will not be mandatory for any carrier.
The Minister also disclosed that President Tinubu has directed four key ministries—Aviation, Finance, Trade and Industry, and Justice—to work together on the operational framework of the company.
He noted that while government guarantees will be limited strictly to aircraft repossession obligations, the project remains fundamentally private sector-driven.
In another significant development, Keyamo revealed that the African Development Bank is in the process of signing a Memorandum of Understanding with Nigeria on the leasing initiative, signaling growing international confidence in the project.
Responding on behalf of airline operators, the Chief Executive Officer of Ibom Air, Mr. George Uriesi, praised the Minister’s reforms, which he said now include three major achievements: resolution of the Cape Town issues, insurance-related reforms, and the unveiling of the 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, calling the leasing company a very welcome and long-overdue development.
With the final approval secured, the Nigerian Aircraft Leasing Company is expected to significantly boost the operational capacity of local airlines, improve access to modern aircraft, deepen investor confidence, and accelerate the growth of Nigeria’s aviation industry across Africa and beyond.
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