Afreximbank Commits to Facilitating Aircraft Financing for Nigerian Airlines
The African Export-Import Bank (Afreximbank) has made a significant commitment to support aircraft financing for airlines in Nigeria. This commitment was announced during a productive side meeting at the ongoing Aviation Economic Conference in Dublin, Ireland.
As part of its efforts, the development financing institution revealed plans to establish a leasing subsidiary that will provide 25 aircraft for leasing to airlines across Africa in the near future.
This initiative is expected to provide Nigerian airlines with access to dry-leased aircraft, ultimately improving operations on routes covered by Bilateral Air Service Agreements (BASA) and enhancing domestic networks.
The announcement was made in a statement released by Tunde Moshood, the special adviser on Media and Communications to the Minister of Aviation and Aerospace Development in Nigeria.
The meeting, which was chaired by Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, brought together key stakeholders in the aviation industry. Among those present were Helen Brume, the Director and global head of project and asset-based finance at Afreximbank, and Lereece Rose, Boeing’s Senior Director of Finance.
During the discussions, Lereece Rose commended Nigeria for improving its Cape Town Convention score from 49.5 per cent to 75.5 per cent. This improvement reflects the government’s commitment to creating a conducive environment for aircraft financing and leasing within the country.
Minister Festus Keyamo emphasized the importance of collaboration in addressing the challenges faced by Nigerian operators in accessing aircraft financing. He also highlighted the government’s pledge to reform policies and enhance airport concession agreements to attract international investors and upgrade airport infrastructure.
In response, Afreximbank reiterated its readiness to collaborate with the Nigerian government and airlines, paving the way for a promising future for Nigeria’s aviation sector.
