Nigeria’s Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has met with the President and Governors of the African Development Bank (AfDB) in Congo over the proposed $7bn Integrated Aviation Transformation Programme for Africa.
According to a statement from the aviation ministry on Thursday, Keyamo told the AfDB leadership during the dialogue session, of the opportunities embedded in the $7bn programme and how Nigeria intends to leverage the initiative to reposition its aviation sector.
He explained that the Renewed Hope Agenda for aviation is focused on creating a more investor-friendly environment capable of attracting sustainable financing into the sector.
Keyamo particularly drew attention to the newly approved Nigeria Aircraft Leasing Company, which he described as a major step towards reducing the dependence of Nigerian airlines on foreign lessors.
He stated that the Nigerian Government has already carried out critical reforms and regulatory adjustments to support the success of the initiative.
“The newly approved Nigeria Aircraft Leasing Company presents enormous opportunities not only for Nigeria, but also as a model other African countries can emulate. We have done the groundwork to enable the takeoff of such an initiative,” he said.
The minister stated that Nigeria has domesticated the Cape Town Convention, updated its Irrevocable Deregistration and Export Request Authorisation framework, and reviewed aviation insurance policies to align with global industry standards.
Keyamo also appealed to the African Development Bank to support the project financially, stressing that access to affordable capital remained one of the major challenges confronting African airlines.
“These reforms are aimed at improving investor confidence and ensuring that Nigeria becomes a major hub for aviation financing and aircraft leasing in Africa. We believe the Bank can play a key role in mobilising capital support for this initiative and help create a sustainable aviation financing structure for Africa,” he added.
Responding, the President of the AfDB, Dr Sidi Ould Tah, expressed satisfaction with Nigeria’s aviation reform plans and pledged the bank’s support for the programme.
The AfDB President “expressed delight at the presentation” and reaffirmed the bank’s commitment to the success of the Integrated Aviation Transformation Programme (IATP) in Africa, particularly in Nigeria.
According to local media report on Friday, Keyamo unveiled the Country Compact for Nigeria’s aviation sector before proceeding to the signing of a Letter of Intent between the Federal Republic of Nigeria and the AfDB.
GIK/APA