Boeing eyes aircraft leasing for Nigerian airlines within 24 months 

Boeing has announced its commitment to coordinate with global lessors to prioritize Nigerian airlines with concrete plans for aircraft leasing over the next 24 months.

The aerospace giant formally invited the Minister of Aviation and Aerospace Development, Festus Keyamo, and the Nigerian delegation to the Airline Economics Conference in Dublin, Ireland, scheduled for January 12th to 15th, 2025, where discussions will focus on achieving specific leasing objectives for Nigerian carriers.

The disclosure, shared in a statement by Tunde Moshood, Special Adviser on Media and Communications to the Honourable Minister of Aviation, included comments from Moore Ibekwe, Boeing’s Commercial Sales Director for Africa, who emphasized Boeing’s commitment to supporting Nigerian airlines through tailored leasing opportunities.

Ibekwe noted that this initiative follows Minister Keyamo’s recent visit to Boeing’s U.S. facilities and aligns with the company’s broader efforts to expand and modernize Nigeria’s aviation sector.

“Following your visit to our facilities in the United States, the press coverage on Nigerian aviation has reached remarkable levels of positivity, a momentum we are keen to sustain as we continue to implement the goals set forth in our Memorandum of Understanding (MoU). 

“We are committed to coordinating efforts with global lessors to ensure meetings are focused on Nigerian airlines with tangible plans for aircraft leasing in the next 24 months,” Ibekwe was quoted saying.

• The statement noted that, during the upcoming Airline Economics Conference in January 2025, Boeing has arranged meetings for the Minister, Airline Operators of Nigeria, and aviation stakeholders with executives from global aircraft leasing companies.
• This engagement will provide a platform to update stakeholders on Nigeria’s significant progress in aviation, with a particular focus on expanding opportunities for Nigerian airlines and strengthening partnerships with the international aviation community.

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The statement further highlighted that Boeing has partnered with Nigerian banks and the Africa Trade Insurance Development Insurance (ATIDI) to introduce a bespoke Credit Enhancement product.

• This initiative is designed to provide added security to global lessors, encouraging more leasing agreements in Nigeria and expanding access for local operators to advanced aircraft.

• The upcoming forum in Dublin will bring together representatives from the Ministry of Aviation and Aerospace Development, the Airline Operators of Nigeria (AON), Nigerian financial institutions, leasing firms, and other aviation financiers, with the shared goal of establishing a sustainable path forward for Nigeria’s aviation sector, fostering long-term growth, and enhancing the nation’s global competitiveness.

The Airline Economics Conference, a prominent event attracting leaders from the aviation finance sector, provides a valuable platform for collaboration, networking, and innovation.

What you should know  

• Nigeria has taken substantial steps to elevate the competitiveness of its aviation sector, particularly by building a foundation for airlines to achieve more favourable dry lease agreements.

• A major advancement came with the Federal High Court’s issuance of the Cape Town Convention (CTC) Practice Direction, 2024, on September 12, ensuring Nigeria’s full compliance with the Convention.

• This directive mandates courts to uphold CTC provisions without interference, imposes strict compliance timelines, and requires the execution of foreign court orders within 10 days.

• These reforms prompted the Aviation Working Group to boost Nigeria’s CTC compliance score from 49 to 70.5.

• Furthermore, the Nigerian Civil Aviation Authority (NCAA) revised its protocols for deregistering and exporting leased aircraft, aligning its procedures with international standards.
• This further raised Nigeria’s compliance score to 75.5, removing the country from the Aviation Working Group’s watchlist—a milestone that positions Nigeria’s aviation industry more favourably in the global market.