Afreximbank has expressed its commitment to supporting aircraft financing for Nigerian airlines following a productive meeting held during the Aviation Economic Conference in Dublin, Ireland. This milestone development was announced by Tunde Moshood, the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, in a statement released in Abuja.

Productive Discussions at Dublin Conference

The side meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders to explore financing opportunities for Nigeria’s aviation sector. The Nigerian delegation, led by the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, included prominent figures such as:

• 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 of the Nigerian Civil Aviation Authority (NCAA)
• Dr. Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank
• Toyin Olajide, COO of Air Peace
• Emmanuel Iza, CEO of XEJet
• Kunle Soname, Chairman of ValueJet, alongside Capt. Majekodunmi, the airline’s Managing Director
• Dr. Oludare Akande, Chairman/CEO of Bellagio Air

Afreximbank’s Role in Supporting African Airlines

Afreximbank, represented by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, reiterated its mandate to promote trade across Africa. Brume highlighted the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades.

To strengthen African aviation infrastructure, the bank announced plans to launch a leasing subsidiary. This initiative will provide access to dry-leased aircraft, with an initial fleet of 25 aircraft to be made available to African airlines. This move is expected to enable Nigerian airlines to better serve both Bilateral Air Service Agreement (BASA) routes and domestic operations.

Boosting Nigeria’s Aviation Industry

The Honourable Minister, Festus Keyamo, emphasized the need for partnerships that enhance access to aircraft financing for Nigerian operators, facilitating sector growth and improved service delivery.

Rose commended the minister’s efforts to strengthen Nigeria’s aviation ecosystem, particularly in raising the country’s Cape Town Convention compliance score from 49.5% to 75.5%. “This progress underscores Nigeria’s commitment to creating an enabling environment for aircraft financing and leasing,” Rose noted.

Afreximbank affirmed its readiness to collaborate with the Nigerian government to achieve these goals, signaling a promising future for the country’s aviation sector.

Next Steps for Implementation

To ensure the partnership materializes into actionable outcomes, a committee has been established to follow up on discussions from the meeting. The committee will focus on crafting solutions to meet the specific needs of Nigerian airlines, driving forward the vision of a robust and competitive aviation sector.

Conclusion

Afreximbank’s pledge to support aircraft financing marks a significant step forward for Nigeria’s aviation industry. By providing access to leased aircraft and fostering partnerships, this collaboration aims to enhance operational capacity, improve service delivery, and position Nigerian airlines for greater success on both domestic and international fronts. With these developments, the future of Nigeria’s aviation sector appears bright and poised for substantial growth.