Nigeria’s compliance rating in the global aviation industry has received a significant boost following the implementation of a new Practice Direction aimed at fully aligning with the Cape Town Convention (CTC) on the dry-leasing of aircraft.
The Aviation Working Group (AWG), co-chaired by aviation giants BOEING and AIRBUS, has swiftly adjusted Nigeria’s compliance score from 49 to an impressive 70.5.
This major development, the highest score Nigeria has achieved to date, is expected to bolster the confidence of global financiers and aircraft lessors in Nigeria’s aviation sector.
The increase follows a directive from the Minister of Aviation and Aerospace Development, Festus Kayamo, who has also instructed the Nigerian Civil Aviation Authority (NCAA) to adjust its administrative rules, known as IDERA, to further align with the CTC. This adjustment is anticipated to elevate the score even further in the coming weeks.
In an email received from the AWG’s offices in London and New York, the group commended the minister and his team for their “time, effort, and skill” in achieving this milestone. The AWG also hinted at additional score improvements once Nigeria’s courts begin applying the new Practice Direction.
Tunde Moshood, Special Assistant on Media and Communications to the Honourable Minister, shared the AWG’s statement, which underscored the importance of Nigeria’s latest move in enhancing its position in the global aviation market.
The statement read in full below:
PRESS RELEASE BY THE OFFICE OF THE HONOURABLE MINISTER OF AVIATION AND AEROSPACE DEVELOPMENT:
AFTERMATH OF CTC PRACTICE DIRECTION: NIGERIA’S GLOBAL RATING IMMEDIATELY GOES UP
In a swift response to Nigeria’s bold attempt to fully comply with the Cape Town Convention on dry-leasing of aircrafts by preparing and signing the Practice Direction, the Aviation Working Group (Co-chaired by BOEING AND AIRBUS) has today swiftly adjusted the global score/rating of Nigeria on our compliance status from 49 to 70.5. This is the largest score Nigeria has attained till date to give comfort to financiers and the leasing world. There is also potential for further increase in the next few weeks as the Minister has directed the NCAA to immediately adjust its administrative rules called IDERA to also fully align with the Convention to further boost the confidence of financiers and lessors across the world.
In an email received this evening, the Aviation Working Group in London and New York commended the Aviation Minister and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.
They also said they are poised for further increase the score once Nigeria adjust its administrative rules in the next few weeks and the courts ACTUALLY begin to apply the Practice Direction.
Find below the email and other correspondence from the Aviation Working Group.
Tunde Moshood
SA Media and Communications to the Honourable Minister of Aviation and Aerospace Development