Kehinde Fajobi
Afreximbank has agreed in principle to collaborate with Nigeria on aircraft financing and leasing, promising access to dry-leased aircraft for Nigerian airlines.
In a statement issued by Tunde Moshood, media adviser to Aviation Minister Festus Keyamo, the agreement was reached during a side meeting at the Aviation Economic Conference in Dublin, Ireland.
“A significant milestone in Nigeria’s aviation sector was achieved during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland,” the statement read.
The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, included Keyamo, key government officials, industry stakeholders, and Afreximbank representatives.
The Nigerian delegation featured Senate Aviation Committee Chair Senator Abdulfatai Buhari, House Aviation Committee Chair Abdullahi Idris Garba, and CEOs of major Nigerian airlines like Air Peace, XEJet, and ValueJet.
Helen Brume, Afreximbank’s Director and Global Head of Project and Asset-Based Finance, outlined the bank’s plans to launch a leasing subsidiary.
She noted the bank’s history with African airlines like Arik Air and Kenya Airways and announced plans to deliver 25 aircraft for lease across the continent.
“This initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement, BASA, routes and domestic operations,” Brume stated.
The meeting also highlighted Nigeria’s recent improvement in its Cape Town Convention score, which rose from 49.5% to 75.5%, reflecting progress in creating a conducive environment for aircraft leasing and financing.
Keyamo emphasised the importance of partnerships in strengthening Nigeria’s aviation sector, with Afreximbank affirming its readiness to collaborate.
A committee has been established to ensure the partnership is fully implemented, promising better access to financing and operational support for Nigerian airlines.