The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Nigeria Aircraft Leasing Company as part of efforts to address long-standing aircraft acquisition challenges facing domestic airlines in the country.
The initiative was formally presented during a stakeholders’ meeting in Abuja, which brought together airline operators, investors, and regulatory authorities in the aviation sector.
According to the minister, the new leasing company is part of the Federal Government’s broader strategy to strengthen indigenous airlines through reforms aimed at improving operational efficiency, sustainability, and access to aircraft.
Keyamo explained that the resolution of Nigeria’s compliance issues under the Cape Town Convention was a major milestone that enabled the establishment of the leasing company.
He noted that the company would operate as a Special Purpose Vehicle designed to make aircraft leasing more accessible to Nigerian airlines, rather than functioning as a direct competitor to existing operators in the sector.
The minister further stated that the initiative would be largely driven by the private sector, with government participation limited to providing enabling support and guarantees where necessary.
Industry stakeholders have described the development as a significant step toward improving the ease of doing business in Nigeria’s aviation sector and reducing the financial burden on local carriers.
Chief Executive Officer of Ibom Air, George Uriesi, welcomed the initiative, describing it as a long-awaited reform that could enhance airline operations and competitiveness.
He commended the minister for ongoing reforms in the aviation industry, noting that improved access to aircraft leasing would support expansion and service delivery among Nigerian carriers.
The establishment of the Nigeria Aircraft Leasing Company is expected to reshape aircraft acquisition processes and strengthen the growth prospects of domestic airlines as the aviation sector continues its reform agenda.
