Minister of Aviation and Aerospace Development ,Mr Festus Keyamo, delivering his speech at facilities inspections at AAAU
Nigeria will mark a significant milestone in its aviation industry by receiving its first dry lease aircraft in almost 20 years.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this in Wednesday while speaking at the groundbreaking ceremony for Air Peace’s maintenance hangar at Murtala Muhammed International Airport (MMIA) in Lagos.
Keyamo highlighted the achievement as a testament to restored global confidence in Nigeria’s aviation ecosystem, following the country’s removal from the global blacklist due to compliance with the Cape Town Convention.
“For nearly two decades, Nigeria relied on wet leases, which burdened consumers with high ticket prices and increased maintenance and overhead costs,” Keyamo explained.
He emphasized that the arrival of the dry lease aircraft, facilitated through Air Peace, signals a shift toward greater control and cost efficiency.
“This is the first time we are going to have a dry lease. It means confidence has returned to the Nigerian ecosystem. They are giving you your plane—control it yourself,” he said, revealing his personal guarantee to secure the deal for Air Peace. “I put my life and my reputation on the line.”
Keyamo also praised Air Peace’s new Maintenance, Repair, and Overhaul (MRO) facility, noting its potential to curb capital flight and save significant foreign exchange.
“Air Peace alone spends about N180 billion annually on maintenance,” he stated, underscoring the economic impact of overseas maintenance. “With this facility, we will keep that money within Nigeria and attract foreign inflows.”
The MRO, capable of servicing wide-bodied aircraft, positions Nigeria as a potential hub for aviation maintenance in West and Central Africa, where such facilities are scarce.
The minister also highlighted a successful partnership with Embraer, secured during President Bola Tinubu’s visit to Brazil, which will provide technical support for the MRO.
Keyamo reaffirmed the government’s commitment to supporting local airlines, stating, “Ensuring local operators thrive is at the core of my mandate.”
He further noted that the facility would create opportunities for pilots and reduce capital flight while generating foreign exchange.
To further strengthen the sector, Keyamo urged commercial banks to reinvest in aviation, assuring them of the industry’s recalibration and financial viability. “No sector can grow without the active support of financial institutions,” he said, encouraging banks to finance aircraft acquisitions with confidence in repayment.
Additionally, Keyamo announced the approval of four new international routes for Air Peace—Italy, Canada, Paris, and Istanbul. However, he expressed concern that local carriers handle only about 5% of Nigeria’s international travelers, urging them to increase their market share.
This development, coupled with the MRO facility, marks a transformative moment for Nigeria’s aviation industry, promising economic benefits and enhanced regional competitiveness.
