The Africa Import-Export Bank (Afreximbank) has announced plans to provide 25 aircraft through its leasing subsidiary to strengthen the competitiveness of African airlines.
Mrs. Helen Brume, Director of Project and Asset-Based Finance at Afreximbank, revealed the initiative at the Airline Economics Growth Frontiers Global conference, held from January 12 to 15 at the Mansion House in Dublin, Ireland. The event gathered aviation experts worldwide to discuss emerging trends and challenges in the industry.
Afreximbank, a 30-year-old institution dedicated to advancing trade across Africa, aims to address the pressing need for aviation infrastructure on the continent. Brume noted that the bank’s extensive experience with airlines like Arik Air, Kenya Airways, and TAG Airline has informed its strategy to enhance the aviation sector.
“Nigerian airlines will benefit significantly from this initiative, gaining access to dry-leased aircraft to improve their operations on both domestic routes and Bilateral Air Service Agreement (BASA) routes,” Brume said.
The announcement aligns with Nigeria’s ongoing efforts to revitalise its aviation sector. Ms. Lereece Rose, Boeing’s Senior Director of Finance, commended Nigeria’s Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, for raising the country’s Cape Town Convention compliance score from 49.5% to 75.5%. This improvement underscores Nigeria’s commitment to fostering an environment conducive to aircraft financing and leasing.
Keyamo emphasised the importance of partnerships to advance aircraft financing for Nigerian airlines, enhance growth, and improve service delivery. He also disclosed the formation of a committee tasked with transforming discussions into actionable solutions to benefit the aviation industry.
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