The Minister of Aviation and Aerospace Improvement Festus Keyamo has attributed the poor progress of Nigerian airways to their incapability to safe financing for the acquisition of contemporary plane to spice up their fleet.
Keyamo made this recognized in his key word handle on the on-going maiden Nigeria Plane Acquisition and Funding Summit (NAAIS) 2026, holding on the Federal Palace Lodge, Victoria Island, Lagos.
He famous that for many years, entry to inexpensive and reliable plane financing has remained probably the most vital constraints for Nigerian operators.
The minister stated this has restricted fleet renewal, constrained route improvement, weakened competitiveness, and elevated working prices.
“That’s exactly why this administration has handled plane financing not as a non-public problem for airways alone, however as a nationwide problem,” he stated.
He due to this fact referred to as on world traders to grab rising alternatives in Nigeria’s aviation sector, citing robust reforms and different key drivers of progress within the sector.
“Below the management of President Bola Ahmed Tinubu, we’ve got taken deliberate steps to de-risk aviation funding in Nigeria. Essentially the most consequential of those has been the strengthening of Nigeria’s implementation of the Cape City Conference and Plane Protocol.
“Particularly, on September 12, 2024, Nigeria issued the Federal Excessive Courtroom Cape City Conference & Plane Protocol Observe Path, 2024 to totally implement this crucial treaty on plane leasing, thereby enhancing investor confidence within the nation’s aviation sector.
“And on October 16, 2024, Nigeria went a step additional by formally issuing the Irrevocable De-Registration and Export Request Authorisation (IDERA) Advisory Round, meant to enhance deregistration and export-remedy procedures, thus strengthening the authorized framework for plane leasing,” he stated.
The minister famous these efforts point out dedication of the Nigerian authorities to empowering native airways to have the ability to entry dry-lease plane. It is usually aimed toward decreasing leasing value and bettering world scores.
Keyamo additionally disclosed the Worldwide Air Transport Affiliation (IATA) information exhibits that Nigeria recorded 2.1 million worldwide passenger departures in 2023, maintains direct hyperlinks to 38 nations, helps 24 airports with scheduled industrial companies, and has seen 17 new worldwide routes added inside the final 5 years.
He stated these statistics mirror market weight, connectivity relevance, and strategic significance inside the African aviation panorama when considered with the lens of Nigeria’s roughly 240 million inhabitants measurement.
“Whenever you put all these along with the continuing airport investments at each federal and subnational ranges, it demonstrates a broader nationwide effort to deepen connectivity, increase trade-enabling infrastructure, strengthen Nigeria’s gateway position, and ship a stronger sign of long-term confidence to operators, financiers and world companions.
“Let me be clear: confidence in Nigeria’s aviation sector is not aspirational. It’s being institutionalised, by legislation, by regulatory alignment, by digital reform, by infrastructure renewal, and thru seen assist for indigenous capability,” he stated.
Keyamo additionally acknowledged that Boeing’s projection that Africa would require 1,205 new plane and over 70,000 further flight personnel, which incorporates 23,000 pilots, 24,000 technicians, and 27,000 cabin crew over the subsequent twenty years, implies that for Nigeria, plane acquisition can’t be mentioned in isolation.
In keeping with him, it should be built-in with native MRO functionality, coaching pipelines, airport effectivity, digital operations, cargo technique, and plane assist companies.
“That’s how we intend to seize full aviation worth, quite than merely importing raise capability. These reforms matter as a result of capital doesn’t merely chase alternative; it chases bankable certainty. And, Nigeria has labored to revive that certainty,” the minister added.
Chinedu Eze
Times Nigeria