The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has called on Nigerian airlines to seize the growing opportunities in aircraft dry leasing, as global lessors and original equipment manufacturers (OEMs) express renewed willingness to do business with local carriers.

Speaking at the General Aviation Terminal (GAT) Wing of Murtala Muhammed Airport, Ikeja, Lagos, during the delivery of a Boeing 737-700 to Air Peace from global leasing company AerCap, Keyamo described the transaction as historic.

“This is the first time in a decade that lessors have agreed to facilitate aircraft to Nigerian operators, following previous concerns over payment defaults,” he said.

He noted that the Federal Government’s intervention, including guarantees for Air Peace and credit support from Fidelity Bank, was instrumental in rebuilding confidence in the aircraft leasing ecosystem.

Keyamo also revealed plans for a Nigerian Aircraft Leasing Company, which will pool resources to secure aircraft from OEMs for local carriers to offtake, providing a sustainable path for fleet expansion.

“We recommend that other local carriers optimize the structures in place, acquire more airplanes through these dry leasing opportunities, and conquer the market,” he added.

The minister credited the Tinubu administration for clearing regulatory hurdles and strengthening legal frameworks, ensuring double assurance for transactions between lessors and Nigerian airlines.

Air Peace CEO, Allen Onyema, welcomed the development, highlighting the flexibility and affordability of dry leasing as a way to expand the airline’s fleet. He revealed that Air Peace is considering over 50 aircraft to further boost its operations.

“Tinubu supports indigenous businesses, and the Nigerian economy is improving under his watch. Airlines can now dry lease aircraft—a development that was not possible about a decade ago,” Onyema said, commending the reforms led by Keyamo.

The delivery of the Boeing 737-700 marks a significant milestone for Nigeria’s aviation sector, signaling the revival of investor confidence and access to global aircraft markets for local carriers.