The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Nigeria Aircraft Leasing Company as part of efforts to address aircraft acquisition challenges facing local airlines.

The initiative was presented during a stakeholders’ meeting in Abuja attended by airline operators, investors, and regulators.

Keyamo said the project forms part of the Federal Government’s commitment to strengthening indigenous airlines through policies aimed at promoting growth and sustainability.

He noted that resolving Nigeria’s Cape Town Convention compliance issues paved the way for the takeoff of the leasing company.

The minister explained that the company would operate as a Special Purpose Vehicle designed to provide airlines with easier leasing opportunities, rather than compete with existing operators.

He added that the initiative would remain private sector-driven with limited government guarantees.

Reacting to the development, the Chief Executive Officer of Ibom Air, George Uriesi, commended the minister for ongoing aviation reforms, describing the leasing initiative as a long overdue development capable of boosting airline operations in Nigeria. (Channels TV)