Nigeria is set to take delivery of its first dry lease aircraft in almost two decades, a major boost for the aviation industry.
Minister of Aviation and Aerospace Development, Festus Keyamo, broke the news at the groundbreaking ceremony of Air Peace’s Maintenance, Repair, and Overhaul (MRO) hangar at Murtala Muhammed International Airport, Lagos. He confirmed that the aircraft will arrive on 6 October through Air Peace.
Keyamo attributed the breakthrough to Nigeria’s removal from global aviation blacklists after full implementation of the Cape Town Convention — a framework that allows aircraft leasing and financing.
For 20 years, Nigerian airlines have depended on wet leases, where aircraft come with crew and maintenance provided by the lessor. With dry leases, local airlines gain full control, cutting costs and potentially lowering airfares for travellers.
Keyamo urged Nigerian banks to rekindle interest in aviation financing, insisting that the sector’s business environment is now stable, improved, and ripe for serious investment.
