AerCap praises Air Peace after NCAA and Irish authorities facilitate 83-Bis Agreement, marking Nigeria’s first dry lease in over a decade.
AerCap, the world’s largest aircraft leasing company, has expressed confidence in Nigeria’s aviation market following the facilitation of the 83-Bis Agreement by the Nigerian Civil Aviation Authority (NCAA) in partnership with the Irish Civil Aviation Authority and the Irish Embassy.
The 83-Bis Agreement enabled the historic dry lease of a Boeing 737-700 NG aircraft to Air Peace Limited, marking Nigeria’s first dry lease transaction in over ten years. The event was celebrated at the Murtala Muhammed Airport Terminal 1, Lagos, where AerCap described the milestone as “a historic moment for Nigeria and the region.”
Speaking during the ceremony, Gad Wavomba, Vice President of Leasing at AerCap, credited the success to trust, transparency, and cooperation among regulators and partners.
“We owe a lot of thanks to the Nigerian government for their initiatives, the NCAA for facilitating the 83-Bis Agreement, the Irish Civil Aviation Authority, and the Irish Ambassador, who came from Abuja to support this process.
But most importantly, we thank Air Peace. They trusted us, worked tirelessly, and demonstrated financial transparency and discipline every step of the way,”
Wavomba said.
He noted that Nigeria had gone more than a decade without a dry lease transaction due to compliance and regulatory concerns that discouraged global lessors. The new 83-Bis Agreement framework, he said, restores international confidence and opens doors for Nigerian airlines to re-engage competitively in the global leasing market.
For Air Peace, West and Central Africa’s largest carrier, the delivery of the Boeing 737-700 NG strengthens its leadership in fleet expansion, operational excellence, and safety. The airline has remained a symbol of innovation, integrity, and national pride while expanding across domestic, regional, and international routes.
The collaboration between AerCap and Air Peace, made possible through the 83-Bis Agreement, represents a major step toward building regulatory credibility and sustainable fleet growth for Nigeria’s aviation sector. It sets a model for other indigenous carriers to attract foreign lessors, strengthen their operations, and support national economic growth through aviation.
In addition, the development underscores the strategic importance of transparent partnerships in advancing Nigeria’s aviation finance landscape, reaffirming the country’s readiness to meet international standards once again.
