Nigeria is no longer shunned by the global aviation leasing community, improving access to aircraft sourcing opportunities for the country's airlines, according to United Nigeria Airlines (UN, Enugu) chief operating officer, Osita Okonkwo.
He was quoted by the Nigerian newspapers Punch and The Daily Times as highlighting that leasing conditions have improved. "The important thing is that Nigeria is no longer on the blacklist. Nigeria was blacklisted before, but that is sorted," he said.
Under the aegis of new aviation minister Festus Keyamo, Nigeria signed Cape Town Convention (CTC) practice directions in September 2024 to make the convention fully operational in Nigeria. The move was expected to reduce airline operations costs, ease insurance costs, restore investor confidence, and enable domestic airline operators to dry lease aircraft.
The Cape Town Convention regulates dry leasing by standardising the registration of sales contracts, security interests, leases, and legal remedies for default in financing agreements.
Okonkwo also referred to the Boeing Lessors Forum held in Dublin in January when the manufacturer announced a plan to support Nigerian airlines in securing adequate aircraft insurance coverage through partnerships with financially stable lessors and global financiers.
