Nigeria has signed a Letter of Intent with the African Development Bank to drive the implementation of the $7 billion Integrated Aviation Transformation Programme, IATP, across Africa.
Aviation Minister Festus Keyamo signed the agreement in Brazzaville, Congo, after presenting investment opportunities in Nigeria’s aviation sector, including the newly approved Nigeria Aircraft Leasing Company.
At a session with the President and Governors of the AfDB, Keyamo also highlighted reforms already carried out by Nigeria to meet global aviation standards.
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He explained that the Nigeria Aircraft Leasing Company “can form the template for other African Nations to emulate”, reiterating that “Nigeria has done the groundwork to enable the takeoff of such an initiative, including domesticating the Cape Town Convention, updating its Irrevocable Deregistration and Export Request Authorisation, IDERA, and reworking its aviation insurance policies to meet global industry standards.”
The African Development Bank pledged support for the programme, with both parties committing to work together to transform Africa’s aviation industry.
Editor: Ebuwa Omo-Osagie
