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Nigeria, AfDB sign agreement to operationalise $7bn aviation transformation programme
🇳🇬 Nigeria /Energy & Infrastructure

Nigeria, AfDB sign agreement to operationalise $7bn aviation transformation programme

From Premium Times · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Nigeria and the African Development Bank (AfDB) signed an agreement to launch a $7 billion Integrated Aviation Transformation Programme (IATP).
  • The initiative aims to modernize Africa's aviation sector, with Nigeria positioned as a key beneficiary and potential model for other countries.
  • Nigeria has implemented reforms, including domesticating the Cape Town Convention and updating aviation policies, to attract investment and align with global standards.

Nigeria and the African Development Bank (AfDB) have formalized their commitment to a transformative $7 billion initiative aimed at modernizing Africa's aviation sector. Minister of Aviation and Aerospace Development, Festus Keyamo, signed a Letter of Intent (LOI) with the AfDB in Brazzaville, Congo, to operationalize the Integrated Aviation Transformation Programme (IATP).

Keyamo presented the IATP as a strategic pathway to unlock aviation investment across Africa, highlighting Nigeria's pivotal role in driving its implementation. He showcased President Bola Tinubu’s Renewed Hope Agenda for the aviation sector, suggesting it could serve as a blueprint for other African nations. Nigeria has already undertaken significant preparatory steps, including domesticating the Cape Town Convention, updating its IDERA, and revising aviation insurance policies to meet international standards.

the IATP offers a strategic pathway to unlock aviation investment across Africa, with Nigeria positioned as a key beneficiary through ongoing sector reforms and policy alignment.

— Festus KeyamoMinister of Aviation and Aerospace Development, describing the significance of the Integrated Aviation Transformation Programme.

These reforms are crucial for building investor confidence and aligning Nigeria's aviation framework with global best practices. The recent establishment of the Nigeria Aircraft Leasing Company is expected to enhance aircraft financing accessibility and expand airline operations within the country. The AfDB is actively engaged in mobilizing capital to support the IATP's ambitious goals.

AfDB President Sidi Ould Tah expressed satisfaction with Nigeria's presentation and pledged the bank's full support for the program's successful implementation across the continent, with a particular focus on Nigeria. Following the dialogue, Keyamo unveiled the Country Compact for Nigeria's aviation sector, marking a significant step towards deepening cooperation in aviation development.

including domesticating the Cape Town Convention, updating its IDERA and reworking its aviation insurance policies to meet global industry standards

— Festus KeyamoHighlighting Nigeria's preparatory steps for the aviation initiative.
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Originally published by Premium Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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