After over 20 years, Nigeria government on Thursday finally approved the Cape Town Accord on aircraft Lease.
Vice President Kashim Shettima presided over the signing of the Accord in the presence of aviation stakeholders, including Allen Onyema, Chairman of Air Peace.
The treaty is designed to facilitate asset based financing and leasing of aviation equipment, including aircrafts.
The accord which came into effect over 20 years ago, also help to expand financing opportunities and reduce costs, with the intended economic benefits.
BusinessDay gathered at the Presidential Villa where the signing took place, that with the signing of the Accord, Nigerian airline operators can now have access to aircraft Dry Lease, while passengers can also enjoy lower flight rates.
Details later…
