The Federal Government says that they are currently discussing with the aircraft lessor and manufacturing companies in a motion to stimulate local investments in the country’s aviation sector.
Festus Keyamo, the Minister of Aviation and Aerospace Development, revealed this in a statement released on Tuesday evening via X platform.
Keyamo ,declared that the vital airlines worldwide relied on dry leasing, as no airline or government could fully afford to purchase its entire fleet of aircraft.
He futher said, that the establishment of Maintenance, Repair, and Overhaul (MRO) facilities would propel the growth and efficiency of Nigeria’s aviation industry.
He declared continuing efforts to attract investors for these facilities, acknowledging their importance in bolstering the aviation sector.
“We are determined to go far and wide to woo aircraft leasing companies and aircraft manufacturers to come to our aid. There is no shame in doing this now since we lack the capacity to produce our own aircraft or to purchase them,” said Keyamo.
In addition, the minister Keyamo adviced the government to provide an enabling environment that will allow potential foreign investors to thrive.
He noted, “Should the government completely abandon local operators to fend for themselves? What can the government do to help in this regard? It is simple: The government should provide the enabling environment for these businesses to thrive by providing assurances to aircraft manufacturers and leasing companies around the world that their aircraft are safe within the country if they lease them to our businesses here; that includes assurances and guarantees that these creditors can secure their assets anytime there is a default.”
“This is in line with the Cape Town Convention, to which Nigeria is a signatory. It is our duty as the government to provide this comfort and assurance to the potential lessors. We are currently on top of that, and the package will be revealed soon. The lack of this is one big factor that has led to the high mortality rate of airlines in Nigeria in the last 40+ years. There are other factors, too,” the minister declared.
