Afreximbank to Support Aircraft Financing for Nigerian Airlines: Key Agreements Reached at Dublin Conference
Afreximbank has agreed in principle to support aircraft financing for Nigerian airlines.
This breakthrough emerged during a high-level side meeting at the Aviation Economic Conference in Dublin, facilitated by Boeing’s Senior Director of Finance, Lereece Rose.
The meeting brought together key stakeholders, led by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo.
Tunde Moshood, Special Adviser on Media and Communications to the Minister, disclosed that the Nigerian delegation included prominent figures such as Senator Abdulfatai Buhari, Chairman of the Senate Committee on Aviation; Hon. Abdullahi Idris Garba, Chairman of the House Committee on Aviation; Senator Abiru Adetokunbo, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions.
Other members of the team included: Capt. Chris Najomo, Director General of the Nigerian Civil Aviation Authority (NCAA); Dr. Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank; Toyin Olajide, COO of Air Peace; Emmanuel Iza, CEO of XEJet; Kunle Soname, Chairman of ValueJet, accompanied by his Managing Director, Capt. Majekodunmi; and Dr. Oludare Akande, Chairman/CEO of Bellagio Air.
Afreximbank, represented by Helen Brume, Director and Global Head of Project and Asset-Based Finance, pledged its collaboration with Nigeria to bolster access to aircraft financing.
Highlighting the bank’s 30-year history in promoting African trade and its extensive experience with airlines such as Arik Air, Kenya Airways, and TAG, Brume emphasised the importance of aviation infrastructure in improving the competitiveness of African carriers.
To meet this need, Afreximbank announced the launch of a leasing subsidiary, poised to take delivery of 25 aircraft earmarked for dry leases to African airlines.
This initiative is set to enhance the operational capacity of Nigerian airlines, enabling them to effectively service both domestic and Bilateral Air Service Agreement (BASA) routes.
Commending Nigeria’s advancements, Lereece Rose noted the Honourable Minister’s role in raising the country’s Cape Town Convention score from 49.5% to an impressive 75.5%.
This achievement underscores Nigeria’s commitment to creating a conducive environment for aircraft financing and leasing.
Minister Keyamo reaffirmed the government’s dedication to fostering partnerships that enable Nigerian operators to access financing solutions.
“This collaboration will not only spur growth in the aviation sector but also improve service delivery across our domestic and international routes,” he stated.
Next Steps and Follow-Up
To ensure the realisation of these discussions, a committee has been established to drive actionable outcomes from the partnership.
Afreximbank’s readiness to work with the Nigerian government signals a promising future for the nation’s aviation sector, marking a pivotal step towards its transformation.
