In a significant development for Nigeria’s aviation industry, the African Export-Import Bank (Afreximbank) has agreed to support aircraft financing for Nigerian airlines. This announcement came during a side meeting at the ongoing Aviation Economic Conference in Dublin, Ireland, facilitated by Lereece Rose, Boeing’s Senior Director of Finance. The meeting convened key stakeholders to explore financing opportunities for Nigerian airlines.
Helen Brume, Afreximbank’s Director and Global Head of Project and Asset-Based Finance, led the bank’s delegation. She emphasized the bank’s commitment to fostering aviation growth in Africa and expressed Afreximbank’s readiness to collaborate with Nigerian stakeholders. Brume highlighted the bank’s extensive track record, having supported African carriers like Arik Air, Kenya Airways, and TAG over the past two decades. She also underscored the importance of robust aviation infrastructure to enhance the competitiveness of African airlines.
As part of its plans, Afreximbank revealed the imminent launch of a leasing subsidiary. This subsidiary will take delivery of 25 aircraft to be dry-leased to African airlines, providing Nigerian carriers with affordable access to aircraft. This initiative is expected to bolster Nigerian airlines’ capacity to operate Bilateral Air Service Agreement (BASA) routes and improve domestic service delivery.
The Nigerian delegation at the meeting was led by Festus Keyamo, Minister of Aviation and Aerospace Development. The delegation included prominent figures such as Abdulfatai Buhari, Chairman of the Senate Committee on Aviation; Abdullahi Idris Garba, Chairman of the House Committee on Aviation; Abiru Adetokunbo, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions; and Chris Najomo, Director General of the NCAA. Also present were Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank; Toyin Olajide, COO of Air Peace; Emmanuel Iza, CEO of XEJet; Kunle Soname, Chairman of ValueJet, along with his Managing Director, Majekodunmi; and Oludare Akande, Chairman/CEO of Bellagio Air, among others.
Lereece Rose lauded the Nigerian government’s efforts to improve the aviation ecosystem, particularly raising the country’s Cape Town Convention score from 49.5% to 75.5%. This progress reflects Nigeria’s commitment to creating an enabling environment for aircraft financing and leasing.
Minister Keyamo emphasized the importance of partnerships in unlocking access to aircraft financing for Nigerian operators. He reiterated the government’s dedication to fostering growth in the aviation sector through innovative collaborations.
Afreximbank, marking its 30th year as a development financing institution, reaffirmed its commitment to supporting trade and development across Africa. The bank’s pledge to partner with the Nigerian government signals a promising future for the country’s aviation industry.
A follow-up committee has been established to ensure the implementation of agreements reached during the meeting. This partnership is expected to yield actionable solutions that will enhance Nigerian airlines’ operational capacity and competitiveness on the global stage.
