The Federal Government has unveiled a comprehensive plan to revitalise Nigeria’s aviation industry, focusing on initiatives such as aircraft leasing and the establishment of Maintenance, Repair, and Overhaul (MRO) facilities.
Festus Keyamo, the Minister of Aviation and Aerospace Development, announced the ambitious initiative on Tuesday.
The minister said a major part of the initiative is the critical role of aircraft leasing, particularly dry leasing, in bolstering the operations of local airline operators.
He emphasised that major airlines worldwide depend on dry leasing due to the financial constraints of purchasing an entire fleet outright.
Keyamo underscored the importance of establishing MRO facilities to enhance the growth and efficiency of Nigeria’s aviation industry.
He acknowledged ongoing efforts to attract investors for these facilities.
He highlighted that because it is not financially feasible to own a full fleet, major airlines all over the world rely on dry leasing. Keyamo emphasised the significance of developing MRO facilities to help Nigeria’s aviation industry grow and become more efficient.
He said that efforts to find investors for these facilities are still on. Additionally, he highlighted the government’s resolve to work with aircraft manufacturers and leasing businesses, stressing the need to foster an environment that attracts potential foreign investment.
He emphasised how crucial it is to reassure businesses about the security of their investments in Nigeria. To promote growth and sustainability, Keyamo reaffirmed the government’s proactive approach to forming partnerships and its commitment to tackling long-standing issues in the aviation industry.
He assured Nigerians that the efforts to revitalise aviation industry will focus on fostering innovation, attracting investment, and enhancing the sector’s overall competitiveness.
