Afreximbank has pledged to support aircraft financing for Nigerian airlines following productive discussions at the ongoing Aviation Economic Conference in Dublin, Ireland.

This was disclosed in a statement by Tunde Moshood, the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday in Abuja.

Key Meeting Highlights

A milestone meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders from the Nigerian aviation sector and Afreximbank.

• Attendees:
  The Nigerian delegation was led by Minister Festus Keyamo, SAN, and included:
  • Senator Abdulfatai Buhari, Chairman, Senate Committee on Aviation
  • Hon. Abdullahi Idris Garba, Chairman, House Committee on Aviation
  • Senator Abiru Adetokunbo, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions
  • Capt. Chris Najomo, Director General, NCAA
  • Dr. Nneka Onyeali-Ikpe, Managing Director, Fidelity Bank
  • Leaders from Air Peace, XEJet, ValueJet, and Bellagio Air, among others
• Afreximbank Representation:
  Helen Brume, Director and Global Head of Project and Asset-Based Finance, led the Afreximbank team.

Commitments and Initiatives

• Aircraft Leasing Subsidiary:
  Afreximbank plans to launch a leasing subsidiary with 25 aircraft, available for dry leasing to African airlines. This move will empower Nigerian airlines to improve services on Bilateral Air Service Agreement (BASA) routes and domestic operations.
• Cape Town Convention Score:
  The Minister’s efforts in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5% were commended. This improvement demonstrates Nigeria’s commitment to creating an enabling environment for aviation financing and leasing.
• Robust Infrastructure Development:
  Afreximbank reiterated the need for strong aviation infrastructure to boost the competitiveness of African airlines, leveraging its experience with carriers like Arik Air and Kenya Airways.

Next Steps

A follow-up committee has been established to ensure the partnership progresses into actionable solutions for Nigerian airlines. The collaboration aims to enhance access to aircraft financing, fostering growth and improved service delivery within Nigeria’s aviation industry.

Promising Future

With Afreximbank’s support and strategic initiatives, Nigeria’s aviation sector is poised for significant growth, better positioning its airlines to compete on regional and global scales. This collaboration aligns with the government’s vision for a modernized and competitive aviation ecosystem.