The African Export-Import Bank (Afreximbank) has committed to supporting Nigerian airlines by facilitating access to aircraft financing. This breakthrough was achieved during discussions at the Aviation Economic Conference in Dublin, Ireland.
Afreximbank, a leading development finance institution, unveiled plans to establish a leasing subsidiary that will provide 25 aircraft for dry leasing to African airlines. This initiative aims to strengthen the operations of Nigerian carriers, particularly on Bilateral Air Service Agreement (BASA) routes and domestic networks, by addressing critical gaps in fleet capacity.
In a statement released by Tunde Moshood, Special Adviser on Media and Communications to Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, it was revealed that the agreement signifies a significant milestone in the government’s efforts to revitalize the aviation industry.
Highlights from the Meeting
The meeting, spearheaded by Minister Festus Keyamo, brought together aviation stakeholders, including Helen Brume, Afreximbank’s Director and Global Head of Project and Asset-Based Finance, and Lereece Rose, Boeing’s Senior Director of Finance.
Helen Brume emphasized Afreximbank’s proven track record in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades. She reiterated the urgent need for improved aviation infrastructure to enhance the competitiveness of African airlines.
“Our goal is to bolster the operational efficiency and connectivity of airlines across Africa,” Brume stated. She added that the proposed leasing subsidiary would play a crucial role in helping airlines overcome barriers to growth.
Boosting Confidence in Nigeria’s Aviation Industry
Lereece Rose praised Nigeria for significantly improving its Cape Town Convention score from 49.5% to 75.5%, a move that signals the country’s commitment to fostering an investor-friendly environment for aircraft leasing and financing.
Minister Keyamo stressed the importance of partnerships in overcoming the challenges faced by Nigerian operators in accessing financing. He outlined the government’s strategy to streamline policies, improve airport concessions, and attract global investors to enhance airport infrastructure and aviation services.
A Promising Future for Nigerian Airlines
In response, Afreximbank reaffirmed its readiness to collaborate with Nigerian airlines and the federal government to create actionable solutions. The bank’s leasing initiative is expected to significantly boost the operational capacity of Nigerian airlines, enhance passenger experience, and position the country as a formidable player in the global aviation industry.
A follow-up committee has been established to ensure the timely execution of this partnership. This collaboration is set to mark a transformative era for Nigeria’s aviation sector, promising increased efficiency, expanded operations, and stronger international connectivity.
