Nigeria’s Aviation industry soars: Global rating jumps
Nigeria’s commitment to international aviation standards has yielded significant results. In a major boost to the country’s aviation sector, the global rating of Nigeria’s compliance with the Cape Town Convention on dry-leasing of aircraft has surged from 49 to 70.5.
This substantial increase is a direct result of Nigeria’s proactive steps to implement the Practice Direction aligned with the Convention.
The Aviation Working Group, co-chaired by Boeing and Airbus, has praised Nigeria’s “time, effort, and skill” in achieving this milestone.
The Secretary General of the Group, Jeffrey Wool in a message to the Nigeria’s Minister of Aviation and Aerospace Development Mr Festus Keyamo says, expressed its confidence that the rating will continue to rise as the country further aligns its domestic regulations and judicial practices with the Convention.
To this end, Mr. Keyamo has directed the Nigerian Civil Aviation Authority (NCAA) to swiftly amend its administrative rules, known as the IDERA, to fully comply with the Convention.
This move is expected to enhance investor confidence and attract more leasing deals to Nigeria.
The Cape Town Convention is a multilateral treaty that provides a legal framework for international aircraft finance. By adhering to its provisions, Nigeria has demonstrated its commitment to transparency, predictability, and efficiency in the aviation sector.
This positive development is poised to attract greater investment, stimulate economic growth, and enhance Nigeria’s reputation as a reliable partner in the global aviation industry.
