Nigeria signs aviation deal with AfDB

Nigeria has entered into a Letter of Intent (LOI) with the African Development Bank (AfDB) aimed at bolstering aviation development throughout Africa. The agreement was signed by Nigeria's Minister of Aviation and Aerospace Development, Festus Keyamo, during a dialogue session with the AfDB President and Governors in Brazzaville, Congo.

Keyamo attended the meeting in his capacity as the African Champion for the AfDB's Integrated Aviation Transformation Programme. During the session, he presented President Bola Ahmed Tinubu's "Renewed Hope Agenda" for the aviation sector. He emphasized the sector's potential, particularly highlighting the newly approved Nigeria Aircraft Leasing Company and urging the bank to mobilize capital for its support.

The minister proposed that Nigeria's approach could serve as a model for other African nations. He detailed the steps Nigeria has taken to support the initiative, including domesticating the Cape Town Convention, updating the Irrevocable Deregistration and Export Request Authorisation framework, and implementing reforms in aviation insurance policies.

The AfDB President, Dr. Sidi Ould Tah, expressed strong support for the program and pledged the bank's commitment to its implementation in Nigeria and across the African continent. Keyamo also unveiled Nigeria’s Country Compact for the aviation sector during the event, further solidifying the nation's engagement with the AfDB's strategic aviation initiatives.

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The Minister unveiled President Bola Ahmed Tinubu’s Renewed Hope Agenda for the Aviation sector and rolled out the potentials of the sector, especially the newly approved Nigeria Aircraft Leasing Company and why the Bank should mobilise capital to support it.