Afreximbank to support aircraft financing for Nigerian airlines 

Afreximbank has agreed to support aircraft financing for Nigerian airlines during a side meeting held with airlines at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.  The meeting, facilitated by Lereece Rose, Boeing’s Senior Director of Finance,  brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.

At the meeting, Afreximbank, led by Helen Brume, its Director and Global Head of Project and Asset-Based Finance, agreed in principle to collaborate with Nigeria on aircraft financing.

Afreximbank, a 30-year-old development financing institution, has a primary mandate to promote trade across Africa. Highlighting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, Brume emphasized the need for robust aviation infrastructure to enhance the competitiveness of African airlines.

To address this, Afreximbank announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines. This 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.

The meeting was attended by Festus Keyamo, the  Minister of Aviation and Aerospace Development, who led the Nigerian delegation.

The delegation included members such as Abdulfatai Buhari, the Chairman, of the Senate Committee on Aviation; Abdullahi Idris Garba,  Chairman, of the House Committee on Aviation;  Abiru Adetokunbo, Chairman, of the Senate Committee on Banking, Insurance, and Other Financial Institutions; Chris Najomo, Director General of the NCAA, Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank; Toyin Olajide, COO of Air Peace; Emmanuel Iza, CEO of XEJet; Kunle Soname, Chairman, ValueJet,  and his Managing Director,  Majekodunmi, and Oludare Akande, Chairman/CEO of Bellagio Air,  among other aviation stakeholders.

Lereece Rose commended the Minister of Aviation for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5 per cent to 75.5 per cent. This progress, he said underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing.

The  Minister highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery.

In response, Afreximbank affirmed its readiness to work with the Nigerian government, signalling a promising future for the country’s aviation industry.

A committee has been established to follow up on the discussions, ensuring that this partnership materializes into actionable solutions for Nigerian airlines.