Following Nigeria’s signing of the Cape Town Convention (CTC) Practice Direction, the country’s compliance rating rose to 70.5%.
The Aviation Working Group (AWG) increased Nigeria’s CTC compliance score from 49 to 70.5% after the legal adjustment.
In an email to Aviation Minister Festus Keyamo, AWG acknowledged the efforts behind this significant legal improvement.
The mail read,”Thank you (and your colleagues) for the time, effort, and skill over the past months on the Practice Direction, issued late last week.
Based on that important legal development, AWG has swiftly and materially increased the Nigeria CTC compliance index score from 49 to 70.5.”
The AWG, co-chaired by Boeing and Airbus, recognized the swift action in aligning Nigeria’s aviation laws with global standards.
Minister Keyamo has directed the Nigeria Civil Aviation Authority to adjust its administrative rules on Irrevocable Deregistration and Export Request Authorisation accordingly.
An IDERA is a legal tool that allows creditors to deregister and export an aircraft swiftly after borrower default.
As Nigeria’s compliance rating rose to 70.5%, it further boosts its credibility in aircraft financing, attracting more investment and dry leasing opportunities. Moreover, according to a statement by Tunde Moshood, this rating is Nigeria’s highest compliance score so far.
