The Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved the creation of the Nigeria Aircraft Leasing Company.
This was disclosed by the Minister of Aviation and Aerospace Development, Festus Keyamo, following the FEC meeting held on Friday. According to the Minister, the company will operate as a fully privately funded and commercially driven Special Purpose Vehicle (SPV). It will not require any direct financial investment from the Federal Government.
However, it will receive strategic government support, primarily through sovereign guarantees provided to international aircraft lessors and manufacturers. These guarantees will enhance asset repossession security and significantly reduce investment risks.
The government will hold equity in the company through the Ministry of Finance Incorporated (MOFI). The primary objective of the Nigeria Aircraft Leasing Company is to serve as an SPV for the acquisition and leasing of aircraft from the global market, which will then be made available to local Nigerian operators.
This initiative is expected to enable domestic airlines to lease aircraft more easily through a single, credible entity backed by sovereign guarantees.
Minister Keyamo described the approval as a key component of the Tinubu administration’s vision to promote private sector participation, strengthen aviation infrastructure, and establish Nigeria as a major aviation hub in Africa.
He added that the move represents a strategic intervention aimed at unlocking growth, generating employment opportunities, and ensuring the long-term sustainability of Nigeria’s aviation sector. It will also strengthen the aviation value chain, improve regional connectivity, and boost Nigeria’s competitiveness in the global aviation market.
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