Afreximbank has agreed to support aircraft financing for Nigerian airlines during a side meeting at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose,, brought together key stakeholders to explore aircraft financing opportunities for Nigerian airlines.
During the meeting, Afreximbank, led by Helen Brume, its Director and Global Head of Project and Asset-Based Finance, agreed in principle to collaborate with Nigeria on aircraft financing.
Afreximbank, a 30-year-old development financing institution with a primary mandate to promote trade across Africa, has a strong track record of supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades. Brume highlighted the critical need for robust aviation infrastructure to enhance the competitiveness of African airlines.
Afreximbank announced plans to launch a leasing subsidiary, which will soon receive 25 aircraft for leasing to African airlines.
This initiative is designed to offer Nigerian airlines access to dry-leased aircraft, enabling them to better operate Bilateral Air Service Agreement routes and improve domestic services.
The Minister of Aviation and Aerospace Development, Festus Keyamo, who headed the Nigerian delegation, was in attendance.
Rose praised the Minister of Aviation for his efforts in enhancing Nigeria’s aviation ecosystem, especially for increasing the country’s Cape Town Convention score from 49.5 percent to 75.5 percent.
He noted that this progress highlights Nigeria’s commitment to fostering an environment conducive to aircraft financing and leasing.
The Minister emphasized the crucial need for partnerships that would improve access to aircraft financing for Nigerian operators, promoting growth and better service delivery.
In response, Afreximbank expressed its readiness to collaborate with the Nigerian government, signaling a bright future for the country’s aviation industry.
A committee has been formed to oversee the discussions and ensure that the partnership leads to actionable solutions for Nigerian airlines.
The Nigerian delegation included members such as Abdulfatai Buhari, the Chairman, of the Senate Committee on Aviation; Abdullahi Idris Garba, Chairman, of the House Committee on Aviation; Abiru Adetokunbo, Chairman, of the Senate Committee on Banking, Insurance, and Other Financial Institutions; Chris Najomo, Director General of the NCAA, Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank; Toyin Olajide, COO of Air Peace; Emmanuel Iza, CEO of XEJet; Kunle Soname, Chairman, ValueJet, and his Managing Director, Majekodunmi, and Oludare Akande, Chairman/CEO of Bellagio Air, among other aviation stakeholders.
