Afreximbank has agreed to provide aircraft finance support for Nigerian airlines. The agreement was reached during a side meeting with airlines at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
Lereece Rose, Boeing’s Senior Director of Finance, facilitated the conference, which brought important stakeholders together to discuss aircraft financing alternatives for Nigerian airlines.
At the conference, Afreximbank, led by Helen Brume, Director and Global Head of Project and Asset-Based Finance, agreed to work with Nigeria on aircraft finance. Afreximbank, a 30-year-old development finance agency, is primarily responsible for promoting trade across Africa.
Highlighting the bank’s vast experience in helping airlines such as Arik Air, Kenya Airways, and TAG over the last two decades, Brume stressed the necessity for the establishment of a robust aviation infrastructure to increase competitiveness in the African aviation sector.
Following up with its plans, Afreximbank has announced intentions to establish a leasing arm which will soon take delivery of 25 aircraft to be leased to African airlines. This project intends to give Nigerian airlines access to dry-leased aircraft, allowing them to use the Bilateral Air Service Agreement (BASA) routes and offer domestic flights.
The Nigerian delegation was led to the meeting by Mr. Festus Keyamo, the Honorable Minister of Aviation and Aerospace Development.
The delegation comprised of important stakeholders including: Chris Najomo, Director General of the Nigerian Civil Aviation Authority (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; Oludare Akande, Chairman/CEO of Bellagio Air; and Abdulfatai Buhari, Chairman of the Senate Committee on Aviation.
Lereece Rose praised the Minister of Aviation’s efforts to improve Nigeria’s aviation ecosystem, especially in increasing the country’s Cape Town Convention score from 49.5% to 75.5%.
Minister Keyamo said the development demonstrated the nation’s dedication to fostering an atmosphere that supports the financing and leasing of aircraft. He emphasized the urgent need for collaborations that would increase Nigerian operators’ access to aircraft funding, enabling expansion and better service provision.
Afreximbank responded by reaffirming its willingness to collaborate with the Nigerian government, indicating a bright future for the aviation sector in the nation. According to reports received by 9am News Nigeria, the Nigerian side has formed a committe to follow up with the discussions and ensure that this collaboration turns into workable solutions for Nigerian airlines.
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