BY OLAPEJU OLUBI
African Export Import Bank (Afreximbank) has pledged to enhance aircraft financing for Nigerian airlines, aiming to ease the challenges faced by local carriers in acquiring modern aircraft.
This was disclosed by Tunde Moshood, the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development.
The initiative, achieved during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland, promises to bolster the growth of Nigeria’s aviation sector, drive expansion and increase connectivity within the region.
The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.
A major takeaway is that with Afreximbank’s strategic support, Nigerian airlines are positioned to access more favourable financing terms, ensuring the delivery of much-needed infrastructure to meet growing demand for air travel.
The meeting was attended by the Minister of Aviation and Aerospace Development, Festus Keyamo, who led the Nigerian delegation.
The delegation included distinguished members such as the Chairman, Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman, House Committee on Aviation, Abdullahi Idris Garba, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Abiru Adetokunbo; Director General of the NCAA, Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; COO of Air Peace, Toyin Olajide; CEO of XEJet, Emmanuel Iza; Chairman, ValueJet, Kunle Soname and his Managing Director, Captain Majekodunmi, and Chairman/CEO of Bellagio Air, Dr. Oludare Akande, among other aviation stakeholders.
During the meeting, Afreximbank, represented by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, expressed its willingness to collaborate with Nigeria on aircraft financing.
As a 30-year-old development finance institution, Afreximbank’s core mission is to foster trade across Africa. Brume, drawing attention to the bank’s extensive experience in supporting leading airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, underscored the critical need for a strong aviation infrastructure to boost the competitiveness of African airlines on the global stage.
In response to this need, Afreximbank unveiled plans to establish a leasing subsidiary, set to receive 25 aircraft that will be leased to African airlines.
This strategic initiative is designed to offer Nigerian airlines access to dry-leased aircraft, enhancing their capacity to effectively service Bilateral Air Service Agreement (BASA) routes as well as improve domestic operations.
Lereece Rose commended Keyamo for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5%.
This progress underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing.
The Minister underscored the urgent need for partnerships that would boost access to aircraft financing for Nigerian operators, fostering growth and elevating service standards.
In turn, Afreximbank expressed its strong commitment to collaborating with the Nigerian government, paving the way for a brighter future for the nation’s aviation sector.
A dedicated committee has been formed to follow through on these discussions, ensuring that this partnership evolves into tangible solutions for Nigerian airlines.
