Nigeria has signed a Letter of Intent with the African Development Bank (AfDB) as part of efforts to deepen aviation development across the continent.
The Minister of Aviation and Aerospace Development, Festus Keyamo, signed the agreement on behalf of Nigeria during a dialogue session with the President and Governors of the AfDB in Brazzaville, Congo, on Thursday.
Naijaonpoint reports that the development was disclosed in a statement issued by the minister’s Special Adviser on Media and Communications, Tunde Moshood.
According to the statement, Keyamo attended the meeting in his capacity as the African Champion of the Integrated Aviation Transformation Programme of the AfDB.
During the session, the minister highlighted the opportunities available to Nigeria and other African countries under the bank’s $7bn aviation programme.
He also presented President Bola Tinubu’s Renewed Hope Agenda for the aviation sector, stressing the need for capital mobilisation to support key aviation projects in the country.
The statement read, “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.”
Keyamo said Nigeria’s newly approved aircraft leasing company could become a major tool for strengthening the aviation sector, improving access to aircraft financing and supporting the growth of local operators.
The minister explained that Nigeria had already taken important steps to create a stronger investment environment for the aviation sector.
He said the country had domesticated the Cape Town Convention and updated the Irrevocable Deregistration and Export Request Authorisation framework.
Keyamo also pointed to ongoing reforms in aviation insurance policies as part of measures designed to make Nigeria’s aviation industry more attractive to investors and development finance institutions.
According to him, the measures could position Nigeria as a model for other African countries seeking to build a stronger and more sustainable aviation sector.
The statement added that the President of the African Development Bank, Dr Sidi Ould Tah, expressed support for the programme.
Ould Tah was said to have pledged the bank’s commitment to the implementation of the Integrated Aviation Transformation Programme in Nigeria and across the African continent.
The engagement, according to the ministry, was aimed at building stronger partnerships for aviation financing, infrastructure development and sector-wide reforms.
Keyamo also unveiled Nigeria’s Country Compact for the aviation sector during the event.
The compact is expected to outline Nigeria’s aviation development priorities and areas where the country is seeking support from the AfDB and other partners.
The ministry said the signing of the Letter of Intent marked another step in Nigeria’s efforts to attract funding, strengthen aviation infrastructure and position the sector for long-term growth.
