Nigeria’s aviation industry, under the leadership of the Minister of Aviation and Aerospace Development, Festus Keyamo SAN, has made a big leap in global ratings, raising its score from 49 to 70.5. This is achieved after new rules were signed to meet the Cape Town Convention on aircraft leasing. The Cape Town Convention is an important international agreement that helps countries manage aircraft leasing and financing.
The Aviation Working Group (AWG), which is led by aircraft giants Boeing and Airbus, quickly raised Nigeria’s score after the country signed the Practice Direction for dry-leasing of aircraft. This is the highest score Nigeria has ever received under this agreement, making it more attractive to investors and companies who lease airplanes.
In an email received Wednesday, the Aviation Working Group praised Nigeria’s Minister of Aviation and his team for their hard work in making this happen. They also hinted that Nigeria’s score could rise even further if more changes are made in the coming weeks.
The Minister has already asked the Nigerian Civil Aviation Authority (NCAA) to change some of its rules to fully match the Cape Town Convention. This is expected to increase confidence among companies who lend or lease aircraft to Nigeria.
The Aviation Working Group said they are ready to raise Nigeria’s score again once the rules are updated and courts start using the new Practice Direction.
This achievement is a big step forward for Nigeria’s aviation industry, which has been trying to attract more foreign investment. With these changes, Nigeria is likely to see more growth and more interest from aircraft leasing companies around the world. “Once Nigeria adjusts its administrative rules and the courts begin applying the Practice Direction, we are poised to further increase the score,” the AWG stated.
The aviation sector in Nigeria has long sought to attract more foreign investment, and these developments signal a turning point. With the global leasing community now showing greater confidence, the country is poised for increased growth and investment opportunities in its aerospace industry.
As the reforms continue to unfold, all eyes are on Nigeria to see how these changes will further impact its aviation industry and the broader economy. The potential for even higher ratings in the coming weeks signals a bright future for Nigeria’s compliance on the global aviation stage.
