Nigeria has recorded a major milestone in its aviation sector transformation drive following the signing of a strategic agreement between the Federal Government and the African Development Bank, AfDB under the Integrated Aviation Transformation Programme. It is a $7 billion continental initiative aimed at repositioning Africa’s Aviation industry.
The breakthrough was announced during a high level engagement in Brazzaville, Congo, where Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, represented in his capacity as African Champion of the IATP, secured strong institutional backing from the AfDB President and Governors.
During the session, Keyamo outlined the enormous opportunities the programme presents for Africa’s Aviation sector, with particular focus on Nigeria’s growth potential.
In his presentation, he highlighted President Bola Tinubu’s Renewed Hope Agenda for Aviation and unveiled the newly approved Nigeria Aircraft Leasing Company as a flagship project requiring AfDB support.
The leasing company was presented as a strategic platform capable of reducing operational costs for local airlines while positioning Nigeria as a regional hub for aircraft financing and leasing services.
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Nigeria also showcased key reforms already implemented under the current administration to strengthen investor confidence in the aviation industry, including the domestication of the Cape Town Convention, the update of its IDERA framework, and the alignment of Aviation insurance policies with international best practices.
The AfDB President commended Keyamo’s presentation and reaffirmed the bank’s commitment to supporting the successful implementation of the IATP across Africa, particularly in Nigeria.
The engagement culminated in the unveiling of Nigeria’s Aviation Sector Country Compact and the signing of a Letter of Intent between the African Development Bank and the Federal Republic of Nigeria.
Both parties pledged to work closely towards the full operationalisation of the programme, a development expected to unlock significant investment, technical support, and long term growth opportunities for Nigeria’s Aviation industry.
(Editor: Terverr Tyav)
