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The Minister of Aviation and Aerospace Development, Festus Keyamo, has launched the Nigeria Aircraft Leasing Company to tackle aircraft acquisition challenges affecting domestic airlines.
Keyamo unveiled the initiative during a stakeholders’ meeting in Abuja attended by airline operators, investors and regulators.
The minister said the project forms part of the Nigerian Government’s efforts to strengthen indigenous airlines through policies designed to encourage growth and long-term sustainability.
Credit: Arise News
He explained that Nigeria’s resolution of issues related to compliance with the Cape Town Convention laid the foundation for establishing the leasing company.
According to Keyamo, the company will operate as a Special Purpose Vehicle to provide airlines with easier access to aircraft leasing opportunities, rather than competing with existing operators.
He added that the initiative would be driven mainly by the private sector, with only limited guarantees from the government.
Reacting to the development, the Chief Executive Officer of Ibom Air, George Uriesi, praised the minister for ongoing reforms in the aviation sector.
Uriesi described the aircraft leasing initiative as a long-awaited intervention capable of improving airline operations across Nigeria.
