FG Seeks AfDB Support for $7bn Aviation Plan
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has met with the President and governors of the African Development Bank in Congo over the proposed $7bn Integrated Aviation Transformation Programme for Africa.
The meeting was held as part of Keyamo’s new assignment as the African Champion of the IATP initiative, a continental aviation development programme designed to drive investment, connectivity, and transformation in Africa’s aviation industry.
Economic Confidential reports that the minister was named the African champion for the newly unveiled Integrated Aviation Transformation Programme for Africa, a $7bn initiative aimed at repositioning the continent’s aviation industry.
According to the letter of appointment obtained by our correspondent, the appointment follows what it described as Nigeria’s leadership and vision in implementing reforms targeted at transforming the country’s aviation sector and improving investor confidence.
According to another statement from the aviation ministry on Thursday, Keyamo, while addressing the AfDB leadership during the dialogue session, explained the opportunities embedded in the $7bn programme and how Nigeria intends to leverage the initiative to reposition its aviation sector.
He said President Bola Tinubu’s Renewed Hope Agenda for aviation is focused on creating a more investor-friendly environment capable of attracting sustainable financing into the sector.
Keyamo particularly drew attention to the newly approved Nigeria Aircraft Leasing Company, which he described as a major step towards reducing the dependence of Nigerian airlines on foreign lessors.
He stated that the Federal Government had already carried out critical reforms and regulatory adjustments to support the success of the initiative.
The minister said, “The newly approved Nigeria Aircraft Leasing Company presents enormous opportunities not only for Nigeria, but also as a model other African countries can emulate.
We have done the groundwork to enable the takeoff of such an initiative.”
He further stated that Nigeria had domesticated the Cape Town Convention, updated its Irrevocable Deregistration and Export Request Authorisation framework, and reviewed aviation insurance policies to align with global industry standards.
Keyamo also appealed to the African Development Bank to support the project financially, stressing that access to affordable capital remained one of the major challenges confronting African airlines.
“These reforms are aimed at improving investor confidence and ensuring that Nigeria becomes a major hub for aviation financing and aircraft leasing in Africa. We believe the Bank can play a key role in mobilising capital support for this initiative and help create a sustainable aviation financing structure for Africa,” he added.
Responding after the presentation, the President of the AfDB, Dr Sidi Ould Tah, expressed satisfaction with Nigeria’s aviation reform plans and pledged the bank’s support for the programme.
The AfDB president “expressed delight at the presentation” and reaffirmed the bank’s commitment to the success of the IATP in Africa, particularly in Nigeria.
Following the session, Keyamo unveiled the Country Compact for Nigeria’s aviation sector before proceeding to the signing of a Letter of Intent between the Federal Republic of Nigeria and the AfDB.