Oluwatobi Adu 
Aviation Minister, Festus Keyamo
ABUJA, Nigeria – Nigeria moves to reduce dependence on foreign aircraft lessors after unveiling plans for a national aviation leasing company expected to unlock more than $1 billion in fleet financing for domestic airlines.
Minister of Aviation and Aerospace Development Festus Keyamo announced the initiative on Wednesday during the General Meeting of the Aviation Working Group in London.
Keyamo says Nigeria’s aviation growth is being constrained more by limited access to financing than passenger demand, despite the country’s population of more than 200 million people.
The minister outlines reforms aimed at aligning Nigeria with international aviation financing standards and improving investor confidence in the sector.
“These milestones did not happen by chance,” Keyamo says. “They were driven by targeted regulatory reforms designed to demonstrate the Federal Government’s commitment.”
Nigeria’s compliance score under the Cape Town Convention reportedly rises from 49 percent to 75.5 percent following judicial reforms and implementation of the Irrevocable Deregistration and Export Request Authorisation (IDERA) system.
Officials say the improvements have already led to smoother aircraft lease transactions and increased confidence among international lessors and financiers.
The Federal Executive Council also approves the establishment of a Nigerian Aircraft Leasing Company expected to modernise local airline fleets and strengthen operational resilience.
Keyamo acknowledges lingering challenges including foreign exchange instability and customs bottlenecks but says the government is addressing them through inter-agency coordination, judicial training and digital reforms at the Nigeria Civil Aviation Authority.
About the Author
Mirian Gom 
Korede Abdullah