Nigeria Inks Deal With Afreximbank To Boost Aircraft Financing
Nigeria has entered into a collaboration agreement with the African Export-Import Bank (Afreximbank) to improve aircraft financing for its airlines.
The deal, announced at the Aviation Economic Conference in Dublin, Ireland, includes plans for Afreximbank to launch a leasing subsidiary that will acquire 25 aircraft for lease to African airlines. This initiative will provide Nigerian carriers with dry-leased aircraft to support domestic operations and Bilateral Air Service Agreement (BASA) routes.
The agreement was reached during a side meeting facilitated by Boeing’s Senior Director of Finance, Lereece Rose, and was led by Minister of Aviation and Aerospace Development, Festus Keyamo
The agreement was reached during a side meeting facilitated by Boeing’s Senior Director of Finance, Lereece Rose, and was led by Minister of Aviation and Aerospace Development, Festus Keyamo.
Key stakeholders, including Senator Abdulfatai Buhari and Abdullahi Idris Garba, Chairmen of the Senate and House Committees on Aviation, respectively, were also part of the Nigerian delegation. Afreximbank’s Director and Global Head of Project and Asset-Based Finance, Helen Brume, emphasized the bank’s commitment to strengthening aviation infrastructure and its track record of supporting African airlines over the past two decades.
The partnership is expected to create a robust framework for aircraft leasing and financing, bolstered by Nigeria’s recent improvements in its Cape Town Convention score, which rose from 49.5% to 75.5%.
A committee has been established to ensure the partnership translates into actionable outcomes, signaling a positive trajectory for Nigeria’s aviation sector.
This development is a testament to the country’s efforts to enhance its aviation industry, and it’s likely to have a significant impact on the sector.
