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As Federal Govt mulls sovereign cover Minister of Aviation and Aerospace Development, Mr Festus Keyamo yesterday called on indigenous carriers to avail themselves of the opportunities opening up for the dry leasing of aircraft from lessors and original equipment manufacturers (OEMs). Keyamo said major leasing companies and aircraft manufacturers are now ready to do business with Nigerian carriers because of the relevant structure / instruments put in place by the Federal Government to restore confidence in their transactions. Speaking at the General Aviation Terminal (GAT) Wing of the Murtala Muhammed Airport (MMA), Ikeja, Lagos where Air Peace took delivery of a Boeing 737 – 700 Aircraft secured from the world’s leading aircraft leasing company, Aercap. Keyamo said the dry lease transaction between Air Peace and AerCap is historic because it is the first time such development is taking place after 10 years when lessors refused to facilitate airplanes to Nigerian operators because of issues bordering on default in payment. He commended Air Peace for the feat affirming that for AerCap to go ahead with the deal, the Federal Government had to offer guarantee for the airline. Keyamo spoke of plans by the Federal Government to establish a Nigerian Aircraft Leasing Company which will pull resources to secure airplanes from original equipment manufacturers that local carriers could offtake. READ ALSO: FULL FACTS: New U.S. bill titled: “Nigeria Religious Freedom Accountability Act of 2025” by Senator Ted Cruz The minister said with the credit guarantee offered by Fidelity Bank on behalf of Air Peace, confidence has been rebuilt in the aircraft selling ecosystem for Nigerian carriers. Keyamo attributed the milestone to efforts of the Tinubu administration , which has gone miles ahead to clear the ground for local carriers , strengthen the relevant legislative and legal instruments to ensure that transactions between aircraft lessors and Nigerian carriers have double assurance. The minister said the Tinubu administration continues to push for a healthy aviation sector, where local airlines will have access to the best aircraft deals. Keyamo said one of the windows to empower local carriers is to leverage platforms / mechanisms such as affordable aircraft leasing to enable them to compete with global carriers. While commending Air Peace for the rare feat of restoring the confidence of lessors in doing business with indigenous carriers, Keyamo said with the ramping up of their capacity, local carriers could change the market narrative. He said : ” We recommend that other local carriers optimise the structure in place , acquire more airplanes through these dry leasing opportunities and conquer the market.” On his part, Chairman and Chief Executive Officer, Air Peace , Allen Onyema said with its current business relationship with one of the leading aircraft lessors and the Boeing Company its fleet of aircraft will receive a boost soon. Describing aircraft dry leasing as a flexible and affordable window for airlines to boost their fleet, he said Air Peace is considering over 50 aircraft. Onyema commended the Tinubu administration for the landmark achievements in the aviation sector. He said : ” Tinubu supports indigenous businesses, the Nigerian economy is improving under his watch. Airlines can now dry lease aircraft, a development that was not possible about a decade ago. Many lessors and aircraft manufacturers are now coming to do business with Nigerian carriers. The Federal Government is now guarranting aircraft transactions for local carriers , including dry leasing for Air Peace , so that the carriers will not fail. ” This is the reason the efforts of Keyamo must be acknowledged for the reforms and transformation in the sector. “
