Festus Keyamo, Minister of Aviation and Aerospace Development, has voiced concerns about obstacles in the nation’s aviation financing ecosystem, such as inter-agency coordination problems, temporary importation procedures, foreign exchange volatility, and customs-related bottlenecks.
He, however, assured stakeholders that the federal government was actively addressing the challenges through coordinated reforms involving regulatory agencies, judicial capacity development, and digitalization initiatives within the Nigerian Civil Aviation Authority, NCAA.
Keyamo, while reaffirming Nigeria’s commitment to strengthening aviation financing, regulatory reforms, and compliance with the Cape Town Convention, CTC, said this as he was addressing global stakeholders at the Aviation Working Group, AWG, General Meeting in London.
His special adviser on media and communications, Tunde Moshood, in a statement, said the minister described Nigeria’s recent aviation reforms as a strategic effort aimed at positioning the country as a reliable and competitive destination for aircraft financing and leasing transactions.
According to him, the minister noted that aviation growth in emerging markets like Nigeria was often constrained not by passenger demand, but by limited access to affordable capital.
The statement reads: “The Cape Town Convention was specifically designed to reduce legal uncertainties, strengthen creditor confidence and lower financing costs for operators globally.
“He explained that the reforms have already started yielding tangible benefits within the aviation financing ecosystem, citing recent successful dry lease transactions involving Nigerian carriers and financing institutions as examples of renewed confidence in the Nigerian aviation market.
“While acknowledging the progress made, the Minister candidly identified operational challenges that still exist within the broader aviation financing ecosystem, including customs-related issues, temporary importation procedures, foreign exchange volatility and inter-agency coordination concerns that sometimes affect financing predictability and lease structures.
