Nigerian Aviation Takes Flight: Air Peace Secures Historic Aircraft Lease Deal
Nigeria’s aviation sector marked a significant milestone as Air Peace successfully secured a Boeing 737-700 aircraft from AerCap, the world’s leading aircraft leasing company, ending a decade-long hesitancy by international lessors to work with Nigerian carriers.
Aviation and Aerospace Development Minister Festus Keyamo announced the breakthrough during a ceremony at Lagos’ Murtala Muhammed Airport’s General Aviation Terminal. The deal represents the first successful dry lease arrangement between a Nigerian airline and an international lessor in ten years, following previous concerns over payment defaults.
The transaction was made possible through federal government guarantees and credit backing from Fidelity Bank, signaling renewed confidence in Nigerian aviation. Keyamo highlighted this as a key achievement of the Tinubu administration’s efforts to strengthen the aviation sector through improved legislative and legal frameworks.
Looking ahead, the government plans to establish a Nigerian Aircraft Leasing Company to facilitate aircraft acquisition for local carriers. This initiative aims to help domestic airlines compete more effectively in the global market through affordable leasing options.
Air Peace Chairman Allen Onyema revealed ambitious expansion plans, indicating the airline is considering adding over 50 aircraft to its fleet. He praised President Tinubu’s administration for creating an environment conducive to indigenous business growth and enabling airlines to access dry leasing opportunities that were previously unavailable.
“The Nigerian economy is improving under his watch,” Onyema stated, acknowledging the transformation in the sector. “Many lessors and aircraft manufacturers are now coming to do business with Nigerian carriers.”
Minister Keyamo encouraged other Nigerian airlines to take advantage of these new opportunities, emphasizing that the government’s guarantee system and improved business environment have opened doors for local carriers to access better aircraft deals. This development marks a significant step forward in strengthening Nigeria’s aviation sector and its capabilities to compete in the international market.
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