The Minister of Aviation and Aerospace Development Festus Keyamo has attributed the poor growth of Nigerian airlines to their inability to secure financing for the acquisition of modern aircraft to boost their fleet.
Keyamo made this known in his key note address at the on-going maiden Nigeria Aircraft Acquisition and Investment Summit (NAAIS) 2026, holding at the Federal Palace Hotel, Victoria Island, Lagos.
He noted that for decades, access to affordable and dependable aircraft financing has remained one of the most significant constraints for Nigerian operators.
The minister said this has limited fleet renewal, constrained route development, weakened competitiveness, and increased operating costs.
“That is precisely why this administration has treated aircraft financing not as a private challenge for airlines alone, but as a national challenge,” he said.
He therefore called on global investors to seize emerging opportunities in Nigeria’s aviation sector, citing strong reforms and other key drivers of growth in the sector.
“Under the leadership of President Bola Ahmed Tinubu, we have taken deliberate steps to de-risk aviation investment in Nigeria. The most consequential of these has been the strengthening of Nigeria’s implementation of the Cape Town Convention and Aircraft Protocol.
“Specifically, on September 12, 2024, Nigeria issued the Federal High Court Cape Town Convention & Aircraft Protocol Practice Direction, 2024 to fully implement this very important treaty on aircraft leasing, thereby enhancing investor confidence in the nation’s aviation sector.
“And on October 16, 2024, Nigeria went a step further by officially issuing the Irrevocable De-Registration and Export Request Authorisation (IDERA) Advisory Circular, intended to improve deregistration and export-remedy procedures, thus strengthening the legal framework for aircraft leasing,” he said.
The minister noted these efforts indicate commitment of the Nigerian government to empowering local airlines to be able to access dry-lease aircraft. It is also aimed at reducing leasing cost and improving global ratings.
Keyamo also disclosed the International Air Transport Association (IATA) data shows that Nigeria recorded 2.1 million international passenger departures in 2023, maintains direct links to 38 countries, supports 24 airports with scheduled commercial services, and has seen 17 new international routes added within the last five years.
He said these statistics reflect market weight, connectivity relevance, and strategic importance within the African aviation landscape when viewed with the lens of Nigeria’s approximately 240 million population size.
“When you put all these together with the ongoing airport investments at both federal and subnational levels, it demonstrates a broader national effort to deepen connectivity, expand trade-enabling infrastructure, strengthen Nigeria’s gateway role, and send a stronger signal of long-term confidence to operators, financiers and global partners.
“Let me be clear: confidence in Nigeria’s aviation sector is no longer aspirational. It is being institutionalised, through law, through regulatory alignment, through digital reform, through infrastructure renewal, and through visible support for indigenous capacity,” he said.
Keyamo also stated that Boeing’s projection that Africa will require 1,205 new aircraft and over 70,000 additional flight personnel, which includes 23,000 pilots, 24,000 technicians, and 27,000 cabin crew over the next twenty years, means that for Nigeria, aircraft acquisition cannot be discussed in isolation.
According to him, it must be integrated with local MRO capability, training pipelines, airport efficiency, digital operations, cargo strategy, and aircraft support services.
“That is how we intend to capture full aviation value, rather than merely importing lift capacity. These reforms matter because capital does not simply chase opportunity; it chases bankable certainty. And, Nigeria has worked to restore that certainty,” the minister added.
Chinedu Eze
