Good times lie ahead for aviation brands as the Federal Ministry of Aviation and Aerospace Development (FMAAD) announced that Nigeria is now safe for aircraft leasing.
This came as the Aviation Working Group (AWG) increased Nigeria’s Cape Town Convention (CTC) compliance index score from 49 per cent to 70.5 per cent.
FMAAD announced this recently in a statement issued by the Special Adviser of Media and Communications to the Minister of Aviation and Aerospace Development, Tunde Moshood.
The statement said the Aviation Working Group, co-chaired by industry giants Boeing and Airbus, raised Nigeria’s compliance score from 49 to 70.5, the highest score Nigeria has achieved to date.
It reads, “The Aviation Working Group (co-chaired by Boeing and Airbus) has today swiftly adjusted the global score/rating of Nigeria on our compliance status from 49 to 70.5.
“This is the largest score Nigeria has attained to date to give comfort to financiers and the leasing world. There is also potential for further increase in the next few weeks as the minister has directed the NCAA (Nigerian Civil Aviation Authority) to immediately adjust its administrative rules called IDERA to also fully align with the convention to further boost the confidence of financiers and lessors across the world.”
According to the statement, this improved rating comes as a result of the Nigerian government preparing and signing the Practice Direction for the CTC.
“The boost is seen as a vote of confidence from international financiers and lessors in Nigeria’s aviation industry,” The statement further stated.
In an email sent to the Nigerian Ministry of Aviation, the Aviation Working Group based in London and New York, commended the ministry’s efforts.
“The Aviation Working Group in London and New York commended the aviation minister and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.
“They also said they are poised to further increase the score once Nigeria adjusts its administrative rules in the next few weeks and the courts begin to apply the practice direction.”