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The Federal Executive Council has approved the establishment of the Nigeria Aircraft Leasing Company, a privately funded venture aimed at helping local airlines acquire aircraft, the Minister of Aviation announced.
Festus Keyamo said in a statement that the approval followed the conclusion of the FEC meeting on Friday, which was presided over by President Bola Tinubu.
According to Keyamo, the company will be an incorporated Special Purpose Vehicle that will be fully privately funded, commercially operated, and impose no obligation on the government to invest, but will enjoy strategic government backing.
“And for this, the government holds equity through the Ministry of Finance Incorporated (MOFI),” Keyamo said.
The minister said the government’s primary function will be to provide sovereign guarantees to international lessors and manufacturers, offering security for asset repossession and reducing perceived risks for investors.
He noted that the company’s aim is to act as an SPV for the acquisition or leasing of aircraft globally for local operators.
Just yesterday, I secured the approval of the Federal Executive Council, presided over by the President, for the establishment of the Nigeria Aircraft Leasing Company. The company will be an incorporated Special Purpose Vehicle that will be fully privately funded, commercially… pic.twitter.com/rJAq9lfeSz
— Festus Keyamo, SAN, CON, FCIArb (UK) (@fkeyamo) May 1, 2026
According to Keyamo, the project will give local airlines the opportunity to continue leasing these aircraft locally through a single reliable organisation with sovereign support.
“This is not just a policy decision; it is a strategic intervention aimed at unlocking growth, creating jobs, and ensuring long-term sustainability in our aviation ecosystem,” he added.
Keyamo noted that the approval is in line with the Tinubu administration’s overarching plan to increase private sector involvement, upgrade infrastructure, and establish Nigeria as a major aviation hub on the continent.
“The establishment of the Nigerian Aircraft Leasing Company represents a bold step toward strengthening the aviation value chain, fostering regional connectivity, and enhancing Nigeria’s competitiveness in the global aviation market.”
Just yesterday, I secured the approval of the Federal Executive Council, presided over by the President, for the establishment of the Nigeria Aircraft Leasing Company. The company will be an incorporated Special Purpose Vehicle that will be fully privately funded, commercially… pic.twitter.com/rJAq9lfeSz
— Festus Keyamo, SAN, CON, FCIArb (UK) (@fkeyamo) May 1, 2026
