In a landmark development for Nigeria’s aviation sector, a high-profile meeting held on the sidelines of the Aviation Economic Conference in Dublin, Republic of Ireland, has paved the way for enhanced aircraft financing opportunities for Nigerian airlines.
The meeting, spearheaded by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, who led the Nigerian delegation. Among the distinguished attendees were the Chairman of the Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman of the House Committee on Aviation, Hon. Abdullahi Idris Garba; Director General of the NCAA, Capt. Chris Najomo; and prominent leaders from Nigeria’s banking and aviation sectors, including the Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, and executives from Air Peace, XEJet, ValueJet, and Bellagio Air.
At the heart of the discussions was the commitment of Afreximbank, a leading development financing institution, to collaborate with Nigeria on aircraft financing. Represented by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, Afreximbank announced plans to establish a leasing subsidiary that will deliver 25 aircraft for lease to African airlines.
This initiative is designed to provide Nigerian airlines with access to dry-leased aircraft, enhancing their capacity to service domestic and international routes under the Bilateral Air Service Agreement (BASA).
Afreximbank’s Helen Brume emphasized the bank’s long-standing experience in supporting African airlines and highlighted the critical role of robust aviation infrastructure in fostering the competitiveness of the continent’s carriers. “With our track record in partnering with airlines across Africa, we are committed to providing Nigerian operators with the resources needed to thrive in a globalized market,” Brume said.
Boeing’s Lereece Rose commended the Nigerian government for its strides in improving the aviation ecosystem, particularly the impressive improvement of Nigeria’s Cape Town Convention score from 49.5% to 75.5%. This achievement reflects Nigeria’s dedication to creating a more conducive environment for aircraft financing and leasing.
Minister Festus Keyamo SAN expressed optimism about the partnership, noting that enhanced access to aircraft financing is a critical enabler for growth in Nigeria’s aviation sector. “This collaboration with Afreximbank is a significant step toward transforming our aviation industry. It will empower Nigerian airlines to expand their operations, improve service delivery, and compete effectively on the global stage,” he said.
The meeting concluded with the establishment of a follow-up committee to ensure the partnership’s success and the implementation of actionable solutions for Nigerian airlines.
This promising collaboration between Nigeria and Afreximbank signals a brighter future for the country’s aviation industry, fostering growth, strengthening infrastructure, and reaffirming Nigeria’s position as a leader in African aviation.
