The Africa Export and Import Bank (Afreximbank) has pledged to finance the first set of aircraft for the launch of the Nigerian Airlines and as a huge boost to the Nigerian aviation sector.
The significant milestone was reached during a side meeting with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
The meeting, facilitated by Boeing’s senior director of finance, Lereece Rose brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.
The meeting was attended by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo SAN, who led the Nigerian delegation. This delegation included notable members such as the chairman of the Senate Committee on Aviation, Sen. Abdulfatai Buhari; the chairman of the House Committee on Aviation, Hon. Abdullahi Garba; the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Abiru Adetokunbo; the director-general of the Nigerian Civil Aviation Authority (NCAA), Capt. Chris Najomo; the managing director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; the COO of Air Peace, Toyin Olajide; the CEO of XEJet, Emmanuel Iza; the chairman of ValueJet, Kunle Soname and his managing director, Capt. Majekodunmi; the chairman of Bellagio Air, Dr. Oludare Akande, among other aviation stakeholders.
During the meeting, Afreximbank, 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. Established 30 years ago, Afreximbank’s primary mandate is to promote trade across Africa. Brume highlighted the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways and TAG over the past two decades. She emphasised the need for robust aviation infrastructure to enhance the competitiveness of African airlines.
To address these needs, 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 it to access better service Bilateral Air Service Agreement (BASA) routes and domestic operations.
Rose commended the minister for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising the country’s score on the Cape Town Convention from 49.5 per cent to 75.5 per cent. This progress underscores Nigeria’s commitment to creating an enabling environment for aircraft financing and leasing.
The minister highlighted the critical need for partnerships to enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery. In response, Afreximbank affirmed its readiness to collaborate with the Nigerian government, signalling a promising future for the country’s aviation industry.
A committee has been established to follow up on the discussions, ensuring that this partnership translates into actionable solutions for Nigerian airlines.
