The Minister of Aviation and Aerospace Development, Festus Keyamo, has officially unveiled the Nigeria Aircraft Leasing Company, reaffirming the Federal Government’s commitment to strengthening indigenous airlines and addressing long-standing challenges in aircraft acquisition.
The unveiling, which took place during a high-level stakeholders’ meeting in Abuja, marks a major milestone in Nigeria’s aviation sector. The initiative is designed to ease leasing constraints that have historically limited the growth and operational capacity of local carriers.
The event brought together top airline operators, aviation investors, regulators, and key industry stakeholders, many of whom described the development as a transformative step for the nation’s aviation industry.
Speaking at the meeting, the Minister emphasised that supporting local airlines remains a core priority of the administration. He noted that several Air Operator Certificate (AOC) holders have struggled to commence operations due to limited access to aircraft.
“We are not just making promises; we have been working consistently over the past three years. We understand the challenges facing AOC holders, and this initiative is part of the solution”, he said.
Providing background on the project, Keyamo explained that the Nigeria Aircraft Leasing Company has been part of the country’s aviation roadmap since 2015. He identified Nigeria’s previous non-compliance with the Cape Town Convention as a major obstacle that delayed its implementation.
With those compliance issues now resolved, he said, the pathway is clear for the leasing company to take off.
The Minister clarified that the leasing company will operate as a Special Purpose Vehicle (SPV) and will not compete with airlines. Participation will remain optional, offering airlines flexible access to leasing opportunities without regulatory pressure.
“This initiative is not designed to compete with airlines or obtain AOCs. It is purely to facilitate aircraft leasing and support operators”, he added.
Keyamo further disclosed that the African Development Bank is set to sign a Memorandum of Understanding (MoU) with Nigeria on the project, signaling growing international confidence.
He also revealed that Bola Tinubu has directed four key ministries – Aviation and Aerospace Development, Finance, Trade and Industry, and Justice to collaborate on the framework and operational structure of the company.
According to the Minister, government guarantees under the arrangement will be limited strictly to aircraft repossession obligations, while the initiative itself will remain largely private sector-driven.
Responding on behalf of airline operators, the CEO of Ibom Air, George Uriesi, praised the Minister’s reforms, describing them as bold and impactful.
He highlighted three major achievements: resolving Cape Town Convention compliance issues, advancing insurance reforms, and now launching the leasing company.
“If successfully implemented, this initiative will stand out as a defining achievement in Nigerian aviation”, Uriesi said, adding that the project is both timely and long overdue.
The Nigeria Aircraft Leasing Company is expected to enhance airlines’ access to modern aircraft, boost operational efficiency, attract investment, and position Nigeria as a more competitive player in the African aviation market.