In a significant development, Nigeria’s global rating in the aviation sector has surged to 70.5 points from its previous 49 points, following the country’s compliance with the Cape Town Convention on aircraft dry-leasing.
This milestone was announced by Mr. Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development.
According to a statement issued by Mr. Tunde Moshood, Keyamo’s Special Adviser on Media and Communications, the rating increase was communicated via an email from the Aviation Working Group (AWG), an international organization co-chaired by Boeing and Airbus, with offices in London and New York.
The email, signed by AWG’s Secretary General, Jeffrey Wool, acknowledged Nigeria’s recent efforts in aligning with the Convention by preparing and signing the necessary Practice Direction.
This marks the highest rating Nigeria has ever achieved in the sector, providing a significant boost to the confidence of global financiers and aircraft lessors.
Minister Keyamo further indicated that Nigeria’s rating could see additional improvement in the coming weeks.
He has instructed the Nigerian Civil Aviation Authority (NCAA) to revise its administrative regulations, known as IDERA, to fully align with the Cape Town Convention.
This move is expected to further enhance the country’s attractiveness to international leasing companies.
The email from the Aviation Working Group praised Nigeria’s legal advancements, stating: “Thank you (and your colleagues) for the time, effort and skill over the past months on the Practice Direction, issued late last week.
“Based on that important legal development, AWG has swiftly and materially increased the Nigeria CTC compliance index score from 49 to 70.5.
“They also said they are poised for further increase the score once Nigeria adjusts its administrative rules in the next few weeks and the courts actually begin to apply the Practice Direction.”
This achievement is expected to strengthen Nigeria’s aviation industry, offering greater security to international stakeholders and increasing opportunities for growth in the sector.
