Nigeria eyes bigger role as aircraft leasing market grows
Nigeria aims to expand its role in the worldwide aircraft leasing industry, which analysts expect to reach $315.9 billion by 2033 with annual growth of 7.3 percent. The Federal Government plans to create a national leasing firm that would serve as an intermediary between domestic carriers and international lessors, with Aviation Minister Festus Keyamo stating the entity will receive sovereign guarantees to facilitate transactions and remove the burden of individual airlines negotiating globally for planes.
Recent policy changes, including the adoption of the Cape Town Convention and IDERA protocols, have enabled Nigerian operators to access dry lease arrangements after a decade-long absence from such agreements. Air Peace Chairman Allen Onyema confirmed his airline will add approximately 50 aircraft under the new framework, while Boeing Africa Sales Director Morris Ibekwe described the development as reassurance for the sector. More than a dozen carriers, including AZMAN Air, Max Air, Dana Air, and Green Africa Airways, are pursuing various acquisition models with manufacturers and third-party lessors.
