The Minister of Aviation and Aerospace Development, Festus Keyamo, has linked the slow growth of Nigerian airlines to their challenges in securing financing for modern aircraft to expand their fleets.
He stated this in his keynote address at the maiden Nigeria Aircraft Acquisition and Investment Summit 2026, currently underway at the Federal Palace Hotel, Victoria Island, Lagos.
Keyamo emphasized that for decades, limited access to affordable and reliable aircraft financing has been one of the biggest obstacles facing Nigerian airline operators.
“That is precisely why this administration has treated aircraft financing not as a private challenge for airlines alone, but as a national challenge,” he added.
He therefore urged global investors to take advantage of emerging opportunities in Nigeria’s aviation sector, highlighting ongoing reforms and other key growth drivers.
“Under the leadership of President Bola Ahmed Tinubu, we have taken deliberate steps to de-risk aviation investment in Nigeria. The most consequential of these has been the strengthening of Nigeria’s implementation of the Cape Town Convention and Aircraft Protocol.
“Specifically, on September 12, 2024, Nigeria issued the Federal High Court Cape Town Convention & Aircraft Protocol Practice Direction, 2024 to fully implement this very important treaty on aircraft leasing, thereby enhancing investor confidence in the nation’s aviation sector.
“And on October 16, 2024, Nigeria went a step further by officially issuing the Irrevocable De-Registration and Export Request Authorisation (IDERA) Advisory Circular, intended to improve deregistration and export-remedy procedures, thus strengthening the legal framework for aircraft leasing,” he said.
The minister stated that these initiatives demonstrate the Nigerian government’s dedication to empowering local airlines with access to dry-lease aircraft, while also seeking to reduce leasing costs and boost the airlines’ global ratings.
Keyamo also revealed that International Air Transport Association data shows Nigeria recorded 2.1 million international passenger departures in 2023, maintains direct connections to 38 countries, operates 24 airports with scheduled commercial services, and has added 17 new international routes over the past five years.
He noted that these figures highlight Nigeria’s market significance, connectivity, and strategic role in African aviation, particularly given its population of approximately 240 million.
