Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, has unveiled the government’s strategic initiative to support Nigerian airlines by facilitating access to long-term aircraft leases at competitive rates.
News About Nigeria gathered that this move is aimed at bolstering the country’s aviation sector and enhancing the global competitiveness of domestic carriers.
In an interview during the inaugural event for the Air Peace Lagos-London flight over the weekend, Minister Keyamo reiterated the government’s commitment to assisting local airlines in their international endeavors.
He emphasized the importance of enabling Nigerian carriers to access long-term leasing arrangements, which align with international industry standards.
Keyamo highlighted the significance of reducing the cost of aircraft insurance and facilitating long-term leases as critical performance measures for his ministry.
These key performance indicators (KPIs) are designed to empower domestic airlines and mitigate the exploitation of Nigerian travelers by foreign carriers.
The minister underscored the challenges faced by Nigerian airlines in servicing international routes and leveraging bilateral air service agreements (BASAs) due to limited access to aircraft leases on favorable terms.
He highlighted the need for Nigerian carriers to have equitable access to aircraft leasing arrangements to compete effectively with international airlines.
Keyamo emphasized that BASAs are founded on principles of mutual benefit, allowing airlines from different countries reciprocal rights to operate flights.
However, he noted that challenges often arise, hindering Nigerian airlines from fully capitalizing on these agreements.
The unveiling of the government’s plan to empower Nigerian airlines with access to long-term aircraft leases signals a significant step towards enhancing the competitiveness and sustainability of the country’s aviation industry.
Minister Keyamo’s commitment to addressing these challenges underscores the government’s determination to support the growth and development of the Nigerian aviation sector.
