The Nigerian government has finally signed the Cape Town Convention on aircraft leasing, after over 20 years. Vice President Kashim Shettima led the signing ceremony, attended by key aviation stakeholders including Allen Onyema, Chairman of Air Peace.
The Cape Town Accord, which entered into force over two decades ago, aims to streamline the financing and leasing of aviation equipment. By joining the treaty, Nigeria can now benefit from expanded financing opportunities, reduced costs, and increased efficiency in the aviation sector.
At the Presidential Villa, reports reveals that the signing of the Accord will enable Nigerian airlines operators to access aircraft dry leases, potentially leading to lower flight rates for passengers. This development marks a positive step for the country’s aviation industry and its economic growth.
More details would be revealed later…
This article was written by Tamaraebiju Jide, a student at Elizade University
