Nigeria has successfully exited the Aviation Working Group watchlist after achieving a 75.5% compliance score on the Cape Town Convention Compliance Index.
This development unlocks significant opportunities for the country’s aviation sector, enhancing its attractiveness for investment and fostering growth.
This was disclosed in a press release signed by the Special Adviser to the Honourable Minister of Aviation and Aerospace Development, Tunde Moshood.
According to the statement, the AWG informed Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo SAN, that the signing of the IDERA completes Nigeria’s compliance process.
The AWG confirmed Nigeria’s removal from its watchlist after the successful completion of the Irrevocable De-registration and Export Request Authorization process, which was signed by the Nigerian Civil Aviation Authority on Wednesday.
According to the statement, AWG acknowledged that this milestone concludes Nigeria’s compliance efforts and opens new opportunities for aircraft financing and leasing.
“Nigeria’s global aviation compliance score has seen a significant improvement following the signing of the Administrative Rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization (IDERA).
“The Aviation Working Group (AWG) announced yesterday that Nigeria’s score on the Cape Town Convention (CTC) Compliance Index has been increased from 70.5% to 75.5%, placing the country in the ‘high category.’ This development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries,” the statement read in part.
In an email to Nigeria’s Aviation Minister, Festus Keyamo, and copied to Acting Director General of the NCAA, Chris Najomo, AWG Secretary General Jeffrey Wool confirmed Nigeria’s new CTC compliance rating of 75.5%. This update underscores the country’s progress in aviation compliance and regulatory practices.
The message emphasized Nigeria’s promotion to the high category in the compliance rating and congratulated Minister Festus Keyamo on this significant achievement.
“Dear Honourable Minister Festus Keyamo,
Please see these two documents, just posted on the AWG website. You will see the new Nigeria score is 75.5, which places the country in the high category. Congratulations and well done,” the email read.
Another attached document, titled “CTC Compliance Index Score Adjustment Notice” and dated October 16, 2024, confirmed that Nigeria had officially reached a 75.5 compliance rating. The notice also announced the country’s removal from the AWG’s watchlist, following the NCAA’s issuance of Advisory Circular NCAA-AC-AWS001A on procedures for the recordation and enforcement of IDERA.
This compliance milestone enhances Nigerian airlines’ access to global aircraft leasing markets, improving financing opportunities and facilitating smoother dry-leasing arrangements. As a result, operational efficiency is expected to increase, leading to higher flight frequencies and expanded serviced routes across the country.
With greater leasing opportunities, passengers are likely to benefit from more competitive ticket prices, making air travel more accessible and affordable.
