The Minister of Aviation and Aerospace Development, Festus Keyamo, has identified lack of access to aircraft financing as a major factor limiting the growth of Nigerian airlines. Speaking at the inaugural Nigeria Aircraft Acquisition and Investment Summit (NAAIS) 2026 in Lagos, Keyamo said decades of financial constraints have hindered fleet modernization, route expansion, and operational efficiency. He described aircraft financing as a national challenge, not just an industry one, and highlighted steps taken by the government to improve investor confidence. On September 12, 2024, Nigeria issued the Federal High Court Cape Town Convention & Aircraft Protocol Practice Direction, 2024, followed by the IDERA Advisory Circular on October 16, 2024, to streamline aircraft deregistration and export. These measures, Keyamo said, strengthen the legal framework for aircraft leasing and reduce risks for financiers. He cited IATA data showing 2.1 million international passenger departures from Nigeria in 2023, direct flights to 38 countries, 24 operational commercial airports, and 17 new international routes in five years. Under President Bola Ahmed Tinubu, Keyamo said reforms are creating bankable certainty for investors. He emphasized that Nigeria's aviation growth must include local maintenance, training, digital systems, and cargo infrastructure to capture full value.
Festus Keyamo is framing aviation finance as a national priority, but past declarations have collapsed under weak implementation. The real test lies not in issuing practice directions or advisory circulars, but in whether Nigerian airlines can now lease or buy aircraft at rates comparable to regional peers. If financing costs remain high despite these legal changes, the reforms will be symbolism without substance. For Nigerian travelers and exporters, that means continued unreliable flights and limited global connectivity.
