BY OLAPEJU OLUBI
The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Nigeria Aircraft Leasing Company, a flagship initiative aimed at tackling one of the most persistent challenges facing local airlines—access to aircraft.
The announcement was made at a high-level stakeholders’ meeting in Abuja, drawing airline operators, regulators, investors and key players across the aviation value chain.
The initiative is being positioned as a major policy intervention designed to strengthen indigenous carriers and deepen Nigeria’s aviation capacity.
Speaking at the unveiling, Keyamo said the Federal Government remains committed to building a more supportive ecosystem for domestic airlines, particularly those struggling to commence or expand operations.
“We are not just making mouth; we have been doing our best for the past three years. We are aware that there are so many Air Operator Certificate holders finding it difficult to take off,” he said.
The minister explained that the leasing company had long been part of Nigeria’s aviation reform roadmap but was delayed by compliance issues tied to the Cape Town Convention. With those issues now resolved, he said the country is better positioned to attract leasing partners and financing.
According to Keyamo, the Nigeria Aircraft Leasing Company will operate as a Special Purpose Vehicle (SPV), designed solely to facilitate access to aircraft without competing with existing airlines.
“Those who are going to manage this initiative are not competitors to the airlines. It is purely an SPV established to help ease aircraft leasing for Nigerian operators. They are not applying for AOCs,” he clarified.
He added that participation in the scheme would be optional, allowing airlines to choose whether to engage with the leasing platform.
The minister also disclosed that the African Development Bank is in the process of signing a Memorandum of Understanding with Nigeria, signaling growing international backing for the project.
On governance and structure, Keyamo revealed that President Bola Ahmed Tinubu has directed four ministries—Aviation, Finance, Trade and Industry, and Justice—to jointly develop the operational framework for the company.
He noted that while government support would be provided, guarantees would be limited strictly to aircraft repossession obligations, ensuring the initiative remains largely private sector-driven.
Industry stakeholders welcomed the move.
The Chief Executive Officer of Ibom Air, George Uriesi, described the development as a turning point for the sector.
According to him, the minister has already delivered critical reforms, including resolving Cape Town Convention issues and addressing insurance-related bottlenecks.
“If you’re able to pull this over successfully, Honourable Minister, your administration will remain almost unbeaten in Nigerian aviation,” Uriesi said, adding that the leasing initiative is “a very welcome and long overdue development.”
The Nigeria Aircraft Leasing Company is expected to ease fleet acquisition constraints, improve access to modern aircraft, and boost investor confidence.
Analysts say the move could significantly enhance the competitiveness of Nigerian airlines across regional and international markets, while accelerating growth in the country’s aviation sector.
Olapeju is a journalist and aviation reporter.
