Afreximbank has pledged its support for aircraft financing for Nigerian airlines after a successful meeting at the Aviation Economic Conference in Dublin, Ireland.
Tunde Moshood, the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, stated this in a statement on Wednesday in Abuja.
The statement reads, โAfreximbank To Support Aircraft Financing for Nigerian Airlines Following Productive Side Meeting at Dublin Aviation Economic Conference.
โA significant milestone in Nigeriaโs aviation sector was achieved during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
โThe meeting, facilitated by Boeingโs Senior Director of Finance, Lereece Rose, brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.
โThe meeting was attended by the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, who led the Nigerian delegation.
โThe delegation included distinguished members such as 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 NCAA, Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; COO of Air Peace, Toyin Olajide; 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.โ
The statement said Afreximbank, led by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, at the meeting agreed in principle to collaborate with Nigeria on aircraft financing.
It added, โAfreximbank, a 30-year-old development financing institution, has a primary mandate to promote trade across Africa. Highlighting the bankโs 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.
โTo 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.
โRose commended the Honourable Ministerโs efforts in enhancing Nigeriaโs aviation ecosystem, particularly in raising the countryโs Cape Town Convention score from 49.5 per cent to 75.5 per cent. Rose remarked, โThis progress underscores Nigeriaโs commitment to creating an enabling environment for aircraft financing and leasing.
โThe Honourable Minister highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery. In response, Afreximbank affirmed its readiness to work with the Nigerian government, signalling a promising future for the countryโs aviation industry.
โA committee has been established to follow up on the discussions, ensuring that this partnership materializes into actionable solutions for Nigerian airlines.โ