The African Export-Import Bank (Afreximbank) has agreed in principle to support aircraft financing for Nigerian airlines.
The agreement was reached during a side meeting at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
Tunde Moshood, Special Adviser to the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo (SAN) in a statement made available to aviation journalists, said that the Afreximbank team agreed to be part of the significant milestone in Nigeria’s aviation sector at the meeting facilitated by Boeing’s Senior Director of Finance, Lereece Rose, bringing together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.
Moshood said that the meeting was attended by the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo (SAN), who led the Nigerian delegation which included the Chairman, Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman, House Committee on Aviation, Hon. Abdullahi Idris Garba, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Abiru Adetokunbo; Director General of the Nigeria Civil Aviation Authority (NCAA), Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; Chief Operating Officer (COO) of Air Peace, Toyin Olajide; Chief Executive Officer (CEO) of XEJet, Emmanuel Iza; Chairman, ValueJet, Kunle Soname and his Managing Director, Capt. Majekodunmi, and Chairman/CEO of Bellagio Air, Dr. Oludare Akande, among other aviation stakeholders.
At the meeting, Afreximbank team, led by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing.
Afreximbank, the 30-year-old development financing institution, has a primary mandate to promote trade across Africa. Highlighting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, Brume emphasized the need for robust aviation infrastructure to enhance the competitiveness of African airlines.
To address this, Afreximbank announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines. This initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement (BASA) routes and domestic operations.
Lereece commended the Minister of Aviation for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5 percent to 75.5 percent. This progress, she noted underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing.
Keyamo highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery.
In its response, Afreximbank team affirmed its commitment to work with the Nigerian government, signaling a promising future for the country’s aviation industry.
A committee has however been established to follow up on the discussions, ensuring that this partnership materializes into actionable solutions for Nigerian airlines.
