Nigeria’s effort to comply with the Cape Town Convention on dry-leasing of aircraft has paid off, as the Aviation Working Group, co-chaired by Boeing and Airbus, has upgraded the country’s global rating from 49 to 70.5.
This significant boost is expected to reassure financiers and lessors worldwide that the Nigerian aviation sector is worth their investment.
The signing of the Practice Direction is a major breakthrough for Nigeria’s aviation industry, which had previously struggled with a poor reputation due to breaches of the Cape Town Convention.
The new rating is the highest Nigeria has achieved to date and is anticipated to increase further in the coming weeks.
With this rating, Nigerian airlines will now have better access to dry-leasing options, reducing costs and increasing their fleet capacity.
The new rating is also expected to lower insurance premiums for Nigerian airlines, making operations more sustainable thereby contributing to the country’s economic growth, creating jobs and stimulating economic activity.
Following this rating, the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has directed the Nigerian Civil Aviation Authority (NCAA) to align its administrative rules with the Convention, paving the way for further improvements
With such moves and efforts as the nation’s aviation managers and regulators are making, it is expected that sooner or later Nigeria will become a key player in Africa’s aviation industry.
