BY ANTHONY OMOH
Following a productive side meeting at the Dublin Aviation Economic Conference, Afreximbank has agreed in principle to collaborate with Nigeria on aircraft financing. This collaboration marks a significant step forward for Nigerian airlines, particularly in gaining access to dry-leased aircraft for servicing Bilateral Air Service Agreement (BASA) routes and domestic operations. Afreximbank aircraft financing support will enable them launch a leasing subsidiary that will take delivery of 25 aircraft, which will be leased to African airlines, including those in Nigeria. This initiative demonstrates the bank’s commitment to strengthening African aviation infrastructure and enhancing the competitiveness of regional airlines.
This groundbreaking development was facilitated by Boeing’s Senior Director of Finance, Lereece Rose, who played a key role in bringing stakeholders together to discuss potential opportunities. The Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Tunde Moshood, revealed this in an official statement. Minister Festus Keyamo led the Nigerian delegation, underscoring the country’s commitment to partnerships that will enhance aircraft financing access for local operators.
At the meeting, Helen Brume, Afreximbank’s Director and Global Head of Project and Asset-Based Finance, highlighted the bank’s decades-long experience supporting airlines such as Arik Air, Kenya Airways, and TAG. Brume emphasized that a robust aviation infrastructure is essential for African airlines to remain competitive. Afreximbank’s new leasing initiative aims to address this gap by providing reliable access to dry-leased aircraft, facilitating improved operations across the continent.
The Honourable Minister commended Afreximbank’s efforts, particularly in launching its leasing subsidiary, which promises to provide Nigerian airlines with a much-needed boost. He also highlighted Nigeria’s recent achievement in raising its Cape Town Convention score from 49.5% to 75.5%, an improvement that underscores the government’s commitment to creating an enabling environment for aircraft financing. Lereece Rose acknowledged this progress, praising the Minister for driving reforms that improve Nigeria’s aviation ecosystem.
Distinguished aviation stakeholders attended the meeting, including Senator Abdulfatai Buhari, Chairman of the Senate Committee on Aviation, and Hon. Abdullahi Idris Garba, Chairman of the House Committee on Aviation. Other attendees included Capt. Chris Najomo, Director General of the NCAA; Dr. Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank; Toyin Olajide, COO of Air Peace; Emmanuel Iza, CEO of Xejet; Kunle Soname, Chairman of ValueJet; and Dr. Oludare Akande, Chairman/CEO of Bellagio Air. Their presence reflects the critical importance of this partnership to the Nigerian aviation industry.
To ensure that the discussions lead to actionable outcomes, a committee has been established to follow up on the agreed terms. The committee will oversee the partnership’s implementation, ensuring Nigerian airlines can fully benefit from Afreximbank’s leasing initiative. This collaborative effort signals a bright future for Nigeria’s aviation sector, fostering growth, improving service delivery, and enabling airlines to expand their reach both locally and internationally.
Afreximbank aircraft financing support represents a vital step toward addressing the challenges faced by Nigerian airlines. By providing access to dry-leased aircraft, this partnership offers a sustainable solution that aligns with Nigeria’s broader aviation goals. The country’s commitment to fostering an enabling environment for aviation growth continues to attract strategic investments and partnerships, underscoring its pivotal role in Africa’s aviation landscape.
