Lagos, Nigeria: After nearly two decades of relying solely on wet-leased aircraft, Nigeria is set to mark a significant milestone in its aviation history with the arrival of its first dry-leased aircraft on October 6.
This landmark development, announced by Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), signals renewed global confidence in Nigeria’s aviation ecosystem—thanks in part to reforms under the Cape Town Convention and strategic partnerships with local carriers like Air Peace.
Keyamo disclosed this at the groundbreaking ceremony of Air Peace’s maintenance hangar at the Murtala Muhammed International Airport (MMIA) in Lagos.
According to Keyamo, the first dry lease will arrive in Nigeria via Air Peace, following Nigeria’s removal from the global blocklist due to the implementation of the Cape Town Convention.
He noted that, for the last 20 years, what had been obtainable all over Nigeria were wet leases, but confidence had returned to the Nigerian aviation ecosystem.
According to Keyamo, the pressure of servicing wet leases mostly fell on the consumers, resulting in high ticket prices, high maintenance costs and high overheads.
“This is the first time we are going to have a dry lease. Dry lease means that confidence has returned to the Nigerian ecosystem.
“They are giving you your plane. Control it yourself. I wrote a personal guarantee for Air Peace to get that dry lease. I put my life and my reputation on the line,” he said.
Speaking on Air Peace’s Maintenance, Repair and Overhaul (MRO) facility, Keyamo said that this would save Nigeria, foreign exchange and capital flight for aircraft maintenance.
“What this is going to save in terms of FX to this country is incredible. Air Peace alone spends about N180 billion yearly for maintenance; imagine what other airlines are spending.
“Monies that should remain within our jurisdiction went out. That is capital flight. With. With this facility, we will keep that within Nigeria.
“We are now going to attract people to bring in their money, not only ours, but we are going to attract foreign inflows.
“In the whole of West Africa and Central Africa, there are no good MROs. The good thing is that this facility will accommodate wide-bodied aircraft. You do not have such in the whole of West Africa and Central Africa,” he said.
He recalled that President Bola Tinubu’s official visit to Brazil had paid off because Embraer would be partnering with Air Peace in providing technical support at the facility.
Keyamo noted that ensuring local operators thrived is at the core of his mandate and that the Federal Government would always support local airlines.
He also added that the MRO facility would be a game-changer, as it would provide a stimulator for pilots to reduce capital flights and earn foreign exchange.
The minister, therefore, urged commercial banks to return to the aviation ecosystem, adding that no sector can grow without the active support of the financial institutions.
He noted that the aviation system had been recalibrated and banks could finance aircraft acquisition, assuring that they would get their money back.
Keyamo disclosed that he had approved four international routes (Italy, Canada, Paris and Istanbul) for Air Peace.
The minister expressed displeasure that local carriers only air lifted about five per cent of international travellers from Nigeria and wished Nigerian carriers could do more.
