Barely two months after the Federal Government signed a Memorandum of Understanding with aircraft manufacturer, Boeing, the company has invited the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, to Dublin, Ireland, for the Airline Economics Conference, January 12, 2025, to assist Nigeria’s domestic operators with aircraft leasing.
Recall that a few days ago, the Aviation Working Group, AWG, co-chaired by Boeing and Airbus increased Nigeria’s global rating from 70.5 per cent to 75.5 per cent after the country signed the Cape Town Convention Practice Direction and the Updated Procedure for Recordation of Irrevocable Deregistration and Export Request Authorisation, IDERA, indicating confidence in the Nigerian market.
To this end, Commercial Sales Director of Moore Ibekwe, in a letter to the Ministry of Aviation and Aerospace Development, dated October 24, 2024, stated that Boeing was also working with banks in Nigeria to develop a credit enhancement product to facilitate these leases.
The letter reads: “I want to thank and commend you for the efforts of the Ministry of Aviation and Aerospace Development, under your leadership, to improve the lives of Nigerians through an improved aviation industry. Following your visit to our facilities in the United States, the press coverage about Nigerian aviation has been remarkably positive like never before seen, therefore we need to capitalise on the positive momentum in the spirit of the MoU.
“During your visit, one of the follow-up items was to organise a forum during the Airline Economics whereby we can leverage our relationships with leasing companies’ leadership for you to meet them and update them personally on the strides that the Federal Government of Nigeria is undertaking to improve the aviation industry.
“As we all agreed, in the presence of our Senior Vice President of Sales, it would be best if they heard from you firsthand. On our side, we are coordinating the efforts with lessors to firm up dates and timing for these meetings. We would like to keep the delegation small and focused on Nigerian airlines seriously considering leasing aircraft in the next 24 months. The airlines we bring to the forefront must be prepared so that we can demonstrate real business opportunities to keep the attention of the lessors.
“We have also been working with several banks in Nigeria and Africa Trade Investment
Development Insurance, ATIDI, to develop a Credit Enhancement product specifically for Nigeria to facilitate operating leases by providing an additional layer of security to global lessors who may have shown interest in the region. We envisage a forum that will include the Ministry, AON representatives, Nigerian banks, lessors/financiers, and Boeing to chart a course for a new future for Nigerian aviation.”
