The African Export-Import Bank (Afreximbank) has committed to facilitating aircraft financing for airlines in Nigeria. This commitment was made during a productive side meeting at Dublin, Ireland’s ongoing Aviation Economic Conference.
The development financing institution announced its intention to create a leasing subsidiary that will soon provide 25 aircraft for leasing to airlines across Africa.
This initiative is anticipated to offer Nigerian airlines access to dry-leased aircraft, improve operations on routes covered by Bilateral Air Service Agreements (BASA) and enhance domestic networks.
The information was included in a statement released by Tunde Moshood, the special adviser on Media and Communications to the Minister of Aviation and Aerospace Development.
The meeting was led by Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, and gathered aviation industry stakeholders, including Helen Brume, Afreximbank’s Director and global head of project and asset-based finance, along with Lereece Rose, Boeing’s Senior Director of Finance.
During the discussions, Lereece Rose commended Nigeria for improving its Cape Town Convention score from 49.5 per cent to 75.5 per cent, indicating the government’s commitment to establishing a favourable atmosphere for aircraft financing and leasing.
Festus Keyamo reiterated the significance of collaboration in tackling the challenges related to aircraft financing access for Nigerian operators, highlighting the government’s promise to reform policies and enhance airport concession agreements to attract international investors and improve airport infrastructure.
In response, Afreximbank reaffirmed its willingness to partner with the Nigerian government and airlines, laying the groundwork for a transformative future for Nigeria’s aviation sector.
