Afreximbank to support aircraft financing for Nigerian airlines

Afreximbank has agreed to collaborate with Nigeria on aircraft financing in a bid to support infrastructure in the aviation industry in Africa.

Speaking at the Aviation Economic Conference in Dublin, Republic of Ireland, the Global Head of Project of Afreximbank, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing.

Brume said Afreximbank is a 30-year-old development financing institution with a primary mandate to promote trade across Africa.

She highlighted the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, emphasising the need for robust aviation infrastructure to enhance the competitiveness of African airlines.

According to a statement by the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Tunde Moshood, Afreximbank announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines.

The statement explained that the initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement (BASA) routes and domestic operations.

Also speaking at the conference, Boeing’s Senior Director of Finance, Lereece Rose commended the Honourable Minister of Aviation for Nigeria in his efforts to improve the country’s aviation ecosystem,.

On his part, the Minister of Aviation and Aerospace Development, Festus Keyamo highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery.

The statement said a committee was established to follow up on the discussions, ensuring that this partnership materialises into actionable solutions for Nigerian airlines.

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