Nigeria as presently constituted has been taken off the list of countries restricted from participating in the global aviation leasing market.
- Nigeria has been removed from the global aviation leasing market’s blacklist.
- Individual airline operators in Nigeria can now directly deal with lessors to lease aircraft.
- Previously regarded as a risky market, Nigeria now has stronger prospects for leasing aircraft.
This announcement was made by the Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, who noted that the West African country now has more access to leasing aircraft, following its removal from the global aviation leasing market’s blacklist.
“The important thing is that Nigeria is no longer on the blacklist. Nigeria was blacklisted before, but that is sorted,” he stated.
The CEO also disclosed that while Nigeria’s blacklisting concerns have been handled, individual airline operators must now deal directly with lessors to get aircraft.
“So, individual operators, we now have to discuss flying the aircraft, discuss with lessors, meet their conditions, and then sign on the dotted lines,” Osita Okonkwo, revealed.
In previous years, Nigeria was regarded as a risky market, which made it challenging for airlines to lease aircraft, according to Okonkwo.
Fortunately, operators now have stronger prospects due to the increased rating, as reported by the Punch newspaper.
“It all depends on the risks. Before, Nigeria was rated very high risk, and almost no business was done with Nigeria, but now the high risk is gone. We hope the price is competitive,’ he said.
“On dry leasing, the process of getting an airplane purchased is not your regular process of ‘I want to buy a car, and I’m paying, and I’m taking it home.’. There are so many processes, so many documentary things that will be involved,” Tunde Moshood, the Ministry of Aviation and Aerospace Development’s Special Adviser on Media and Communications, stated.
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“So, the Boeing lessors forum that we attended has exposed Nigeria to the Western world; they appreciated the fact that Nigeria is back and it is promising and that we are fulfilled in all righteousness. Like our IDERA, like the Cape Town Convention, all of these are what has endeared us to the lessors,” he added.
