Nigeria has been removed from the Aviation Working Group (AWG) watchlist after the country’s Cape Town Convention (CTC) Compliance Index score rose to 75.5 per cent.
This is coming a day after the Minister of Aviation and Aerospace Development, Festus Keyamo signed the Irrevocable De-registration and Export Request Authorization (IDERA).
Keyamo said on Thursday in a tweet on X that the development will unlock opportunities for the aviation industry.
Keyamo said, “Nigeria’s global aviation compliance score has seen a significant improvement following the signing of the Administrative Rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization (IDERA).
“The Aviation Working Group (AWG) announced yesterday that Nigeria’s score on the Cape Town Convention (CTC) Compliance Index has been increased from 70.5 per cent to 75.5 per cent, placing the country in the ‘high category.’
“This development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries.”
The minister said the AWG confirmed that the signing of the IDERA concludes Nigeria’s compliance process, thereby unlocking numerous opportunities for the country’s aviation sector.
He said the milestone is expected to open new avenues for aircraft financing and dry-leasing for Nigerian airline operators, ensuring greater access to aircraft leasing markets globally.
Keyamo said, “The resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public.
“Attached is the official communication from the AWG to Minister Festus Keyamo SAN, confirming Nigeria’s compliance status.”