Afreximbank offers Nigerian carriers aircraft financing lifeline 

Sade Williams/Business a.m.

Front row L-R: Emmanuel Iza, managing director, XEJet; Abdullahi Idris Garba, chairman, House committee on aviation; Helen Brume, Afrexim; Festus Keyamo, minister of aviation; Nneka Onyeali-Ikpe, managing director, Fidelity Bank Plc; Abdulfatai Buhari, chairman, Senate committee on aviation; Moore Ibekwe, Boeing Company; Back row L-R: Tufano Mary, director, legal department, NCAA; Chris Najomo, acting director general, NCAA, in Dublin

Nigerian carriers appear set to benefit from an aircraft financing lifeline now on the cards from Afreximbank, the multilateral trade finance development bank, which is collaborating with Nigeria to finance aircraft acquisition, according to an agreement signed recently.

The agreement was reached at a side meeting held with the Afreximbank team at the 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 its director and global head of project and asset-based finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing,” according to a statement by Tunde Moshood, special adviser on media and communications to the  minister of aviation and aerospace development, Festus Keyamo.

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 emphasised 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.

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

Keyamo 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, signaling a promising future for the country’s aviation industry.

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