Amid efforts to increase capacity for Nigerian airlines, Afreximbank has agreed in principle to collaborate with Nigeria on aircraft financing.
The Director and Global Head of Project and Asset-Based Finance, Helen Brume, disclosed this at a meeting facilitated by Boeing’s Senior Director of Finance, Lereece Rose, during the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
The meeting, which brought together stakeholders to discuss aircraft financing opportunities for Nigerian airlines, was attended by the Minister of Aviation and Aerospace Development, Festus Keyamo, who led the Nigerian delegation, including the Chairman of the Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman of the House Committee on Aviation, Hon. Abdullahi Idris Garba; Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Abiru Adetokunbo.
Others present were the Director General of the NCAA, Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr Nneka Onyeali-Ikpe; COO of Air Peace, Toyin Olajide; CEO of XEJet, Emmanuel Iza; Chairman of ValueJet, Kunle Soname, and his Managing Director, Capt. Majekodunmi; and Chairman/CEO of Bellagio Air, Dr Oludare Akande, among other aviation stakeholders.
At the meeting, Afreximbank, led by Brume, agreed in principle to collaborate with Nigeria on aircraft financing.
The Special Adviser on Media and Communications to the Minister, Tunde Moshood, stated that Afreximbank, a 30-year-old development financing institution, has a primary mandate to promote trade across Africa.
Noting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, Brume stressed the need for robust aviation infrastructure to enhance the competitiveness of African airlines.
To address this, Afreximbank announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines.
The initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement (BASA) routes and domestic operations.
Lereece Rose commended the Minister for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5%.
“This progress underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing,” she stressed.
The minister noted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery. In response, Afreximbank affirmed its readiness to work with the Nigerian government, signalling a promising future for the country’s aviation industry.
A committee has been established to follow up on the discussions, ensuring that this partnership materialises into actionable solutions for Nigerian airlines.
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