Keyamo: Aircraft Financing Stunts Nigerian Airlines Growth

Festus Keyamo, the Minister of Aviation and Aerospace Development, addressed the challenges faced by Nigerian airlines due to poor aircraft financing at the Nigeria Aircraft Acquisition Investment Summit held at the Federal Palace Hotel, Victoria Island, Lagos. He noted that the inability to secure financing for modern aircraft has significantly constrained fleet renewal and route development, weakening competitiveness and increasing operational costs.

Keyamo called on global investors to recognize the emerging opportunities in Nigeria's aviation sector, citing strong reforms initiated under President Bola Ahmed Tinubu's administration. He mentioned the implementation of the Cape Town Convention on aircraft protocol, set for September 12, 2024, which aims to enhance investor confidence.

Additionally, he disclosed that Nigeria recorded 2.1 million international passenger departures in 2023, maintaining direct links to 38 countries. Keyamo emphasized the importance of empowering local airlines to access dry lease aircraft to reduce leasing costs and improve global rates.