Nigeria’s Vice President, Kashim Shettima has disclosed that the country’s strategic implementation of the Cape Town Convention protocols is attracting investors and stimulating investment in Nigeria.
He also highlighted that the recent issuance of the Federal High Court Practice Directions and Advisory Circular on the Cape Town Convention (CTC) marks a significant milestone in Nigeria’s efforts to align with international best practices.
Speaking at the 2024 Ministry Conference on the Convention on International Interests in Mobile Equipment and the Protocol on Matters Specific to Aircraft Equipment, held in Abuja and organised by the Nigerian Civil Aviation Authority (NCAA), Shettima, represented by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, noted that the Cape Town Convention has elevated Nigeria’s global aviation standing. He emphasised that the convention has opened new avenues for investment and growth in aviation financing.
“These initiatives have streamlined legal processes, enhanced jurisdictional clarity and improved Nigeria’s compliance index, positioning our nation among global leaders in aviation governance,” he assured.
Acting director-general of Nigeria Civil Aviation Authority (NCAA), Capt. Chris Najomo stated that the conference theme underscores the critical role of the Cape Town Convention and its Aircraft Protocol as essential tools for fostering growth, stability and resilience in the aviation industry.
“As we convene here today, we are reminded of the immense opportunities this Convention offers in enhancing aviation financing, safeguarding creditor rights and fostering a more predictable and sustainable legal environment for our industry,” he said.
Najomo further explained that “the Cape Town Convention aligns seamlessly with this agenda, offering a pathway to modernising our aviation sector and ensuring its contribution to Nigeria’s prosperity.”
“As you are all aware, Nigeria’s aviation sector holds great potential for driving economic transformation, connecting communities, and promoting regional integration. The benefits of these efforts are already evident. Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index is a testament to our progress,” he stressed.
Speaking to journalists on the sidelines of the event, the director of legal services and company secretary at the NCAA, Mary Tufano-Eche said the practice direction has strengthened the NCAA’s capacity to fulfill its mandate.
She noted that while Nigeria has signed many conventions in the past, a lack of enabling local policies has hindered their implementation. However, this is gradually changing as relevant laws and policies are being put in place.
Tufano-Eche also observed that some aircraft lease cases previously ended up in court, but with the new practice direction, processes have been streamlined and the role of the court in cases of default is now clearly defined.
