Nigeria removed from global aviation leasing blacklist
Nigeria has been removed from the global aviation leasing market’s blacklist, granting the country better access to leasing aircraft. This significant development was announced by Osita Okonkwo, the Chief Operating Officer of United Nigeria Airlines.
“The important thing is that Nigeria is no longer on the blacklist. Nigeria was blacklisted before, but that is sorted,” Okonkwo stated.
While the national blacklisting issue has been resolved, individual airline operators must now negotiate directly with lessors to secure aircraft. “So, individual operators, we now have to discuss flying the aircraft, discuss with lessors, meet their conditions, and then sign on the dotted lines,” Okonkwo added.
In the past, Nigeria was considered a high-risk market, making it difficult for airlines to lease aircraft. However, the increased rating has strengthened operators’ prospects, according to a report by the Punch newspaper.
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“It all depends on the risks. Before, Nigeria was rated very high risk, and almost no business was done with Nigeria, but now the high risk is gone. We hope the price is competitive,” Okonkwo said.
Tunde Moshood, Special Adviser on Media and Communications at the Ministry of Aviation and Aerospace Development, emphasized that the leasing process involves extensive documentation. “On dry leasing, the process of getting an airplane purchased is not your regular process of ‘I want to buy a car, and I’m paying, and I’m taking it home.’ There are so many processes and documentary requirements involved,” Moshood stated.
He also highlighted Nigeria’s positive reception at the Boeing lessors forum, noting that adherence to international aviation agreements like the Cape Town Convention and IDERA has improved the country’s standing with lessors. “The Boeing lessors forum has exposed Nigeria to the Western world; they appreciated the fact that Nigeria is back and promising,” he added.
