Nigeria has sustained its push for improved access to aircraft financing, renewing engagements with global aircraft lessors and development finance institutions, including Afreximbank, as it seeks practical pathways to fleet modernisation and airline sustainability.
The latest discussions took place on the sidelines of the Airline Economics Growth Frontiers Global Conference in Dublin, Republic of Ireland, where the Minister of Aviation and Aerospace Development, Festus Keyamo SAN, led a delegation of regulators and airline executives to meetings with key aviation finance stakeholders, according to a statement signed by Special Adviser on Communication, Tunde Moshood.
At the core of the engagements was Nigeria’s long-standing challenge of limited access to modern, fuel-efficient aircraft, driven by weak airline balance sheets, high leasing costs, and constrained access to global capital markets. These pressures have continued to shape airline operations, capacity deployment, and competitiveness across the domestic and regional markets.
On the second day of the conference, the Nigerian delegation held further talks with Aercap, the world’s largest aircraft leasing company, led by its Chief Executive Officer, Angus Kelly. The meeting followed earlier engagements between Nigerian aviation stakeholders and the lessor, with discussions again focusing on fleet renewal, leasing flexibility, and financing structures suited to the operating realities of Nigerian carriers.
According to officials familiar with the talks, the Aercap discussions examined alternative lease models, risk-sharing frameworks, and longer-term partnerships that could improve access to newer aircraft while reducing cost pressures on airlines.
Afreximbank engages Nigeria on fleet financing
Alongside the lessor engagement, Nigeria also deepened conversations with Afreximbank, underscoring the bank’s growing role in African aviation financing amid tightening global credit conditions. The Afreximbank delegation was led by Executive Vice President, Intra-African Trade and Export Development, Kanayo Awani, and Director and Global Head, Project and Asset-Based Finance, Helen Brume.
Discussions with Afreximbank centred on structured aviation finance, trade-backed instruments, and risk-mitigation solutions aimed at supporting fleet acquisition and long-term airline sustainability. Officials said the talks reflected continued efforts to position Afreximbank as a catalytic partner in addressing funding gaps facing Nigerian carriers.
Nigeria’s airlines have historically relied on older aircraft due to limited access to competitive leasing and financing, a situation industry analysts say has contributed to operational disruptions, high maintenance costs, and capacity constraints. Engagements with Afreximbank are expected to focus on bridging these gaps through tailored financing solutions aligned with African market risks.
The Nigerian delegation included the Director General of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Ona Najomo; Director of Air Traffic Management at the Federal Ministry of Aviation and Aerospace Development, Ahmed Tijani; and chief executives of domestic airlines, including Air Peace, United Nigeria Airlines, and Ibom Air.
Officials said the presence of airline chief executives at the Afreximbank meetings reflected a growing recognition that government-facilitated engagement remains necessary, as many carriers struggle to independently access global financing on favourable terms.
While Afreximbank has previously supported aircraft financing and leasing transactions across Africa, stakeholders note that translating discussions into concrete outcomes such as actual aircraft placements and financing approvals remains the critical test for Nigeria’s aviation sector.
Industry observers say sustained engagement with institutions such as Afreximbank, alongside global lessors, will be essential if Nigeria is to achieve meaningful fleet renewal, improve operational reliability, and strengthen the competitiveness of its airlines in regional and intra-African markets.
