Zenith Bank, Ibom Air, and Airbus closed financing for Ibom Air’s first A220, marking a historic collaboration in November 2023. The agreement, initiated by Airbus, signals a shift that could bolster financial support for Africa’s aviation sector.
Dr Ebenezer Onyeagwu, Zenith Bank’s Group Managing Director, emphasizes their crucial role as economic enablers. This landmark agreement solidifies their commitment to supporting regional carriers and advancing African aviation financing.
“We also understand how important the aviation sector is to facilitating economic growth in Nigeria and across the broader African continent. This landmark agreement solidifies our commitment to supporting regional carriers and advancing the landscape of African aviation financing.
Securing funding is a significant hurdle for African carriers, facing less favorable financing conditions which Ibom Air’s COO, George Uriesi, underscores.
“Aircraft financing is a collaborative effort and the support of regional banks is pivotal. This synergy fosters a sustainable aviation ecosystem, allowing us to soar higher and drive positive socio-economic impact in Nigeria and the broader continent. Nigeria is widely recognised as the African market with the highest growth potential and we aim to be at the forefront of that growth”.
The 2023 Airbus Global Market Forecast reveals Nigeria will require nearly 160 aircraft in the next two decades. This includes 131 single-aisle aircraft like the A220, A320 families, and 28 widebody aircraft such as the A330 and A350 families.
Boris Sakrauski, Head of Customer Finance Airbus, expresses excitement about Zenith Bank’s involvement as new Airbus aircraft financiers.
“Over the past five years, more than 60 Airbus aircraft were delivered to the African continent via lessors and various financing structures. We are thrilled to now have Zenith Bank in the arena of new Airbus aircraft financiers,” said Sakrauski.
“We hope that its involvement in the sector sends a powerful signal to other banks and financial institutions in Nigeria and across the continent about the exciting potential of the African aviation sector.”
