National Economy
Wednesday, August 6, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home News

Nigeria’s Aviation Sector Eyes Cheaper Fleet Via Dry Lease

by Anita Okengwu
3 hours ago
in News
Reading Time: 2 mins read
Aviation
Share on FacebookShare on TwitterShare on Telegram

Nigeria is set to secure its first dry lease aircraft agreement in nearly two decades — a landmark move that could significantly lower operating costs for domestic airlines and potentially bring down passenger fares.

Minister of aviation and aerospace development, Festus Keyamo, disclosed the impending deal during an interview on Arise TV this week, stating that a local carrier will finalise the agreement in less than two weeks. The deal, he said, marks a shift in investor sentiment toward Nigeria’s aviation industry, long plagued by foreign lessor distrust over asset security and regulatory risks.

“This is the first time in almost two decades that a Nigerian airline will successfully close a dry lease arrangement,” Keyamo said. “Nobody gives you a dry lease unless they trust your system. It’s three times cheaper than a wet lease.”

Under a dry lease, the aircraft is provided without crew, insurance, or maintenance, and operational responsibility rests entirely with the lessee — in this case, a Nigerian airline. Compared to wet leasing, where lessors maintain full control, dry leasing reflects stronger confidence in a country’s regulatory and legal environment.

You May Like

Nigeria to License Procurement Trainers in Crackdown on Quackery

WhatsApp Bans 6.8m Scam Accounts, Adds New Safety Features

Keyamo attributed the breakthrough to Nigeria’s recent signing of the Cape Town Convention (CTC) practice direction in September 2024, which assures foreign lessors of asset recoverability in the event of default.

“A dry lease means they hand you the plane and trust your system. It tells the world we are cleaning up our aviation sector and strengthening the legal framework,” he said.

The minister noted that the anticipated deal will open the door for other domestic carriers to access similar leasing structures, lowering barriers to fleet expansion and cutting reliance on expensive wet leases.

“If one airline secures it, others will follow. That will naturally bring down operational costs, which translates to cheaper tickets for Nigerians,” Keyamo said.

Keyamo also confirmed that Nigerian flag carrier Air Peace has secured a coveted landing slot at Heathrow Airport, London — a feat achieved after months of bilateral air service agreement (BASA) negotiations with the United Kingdom.

He said while the UK initially offered Gatwick, Nigerian authorities pushed diplomatically for Heathrow to maximise route competitiveness.

“Lagos–London is one of our busiest and most profitable routes. We knew Heathrow was key to giving Nigerian airlines a fair chance to compete,” he said.

The development, according to the minister, has already triggered a drop in international ticket prices. “We are already seeing fares fall. In the next few months, prices will drop further as competition heats up,” he said.

Keyamo further stated that Nigerian airlines like Air Peace would now benefit from expanded interline and codeshare agreements — critical for positioning local carriers in global aviation networks.

“If Air Peace isn’t flying to the U.S., they can now partner with airlines that do, using Heathrow as a bridge,” he explained. “This improves convenience for travellers and elevates the global standing of Nigerian carriers.”

The aviation minister said the current reforms — from regulatory overhauls to bilateral diplomacy — are all geared toward one objective: building an aviation ecosystem that is investor-friendly, competitive, and cost-efficient.

“This is not just about one deal. It’s a signal to the world that Nigeria is back as a credible aviation investment destination,” Keyamo said.

Tags: Aviation
ShareTweetShare
Previous Post

Cooking Gas Hits ₦21,010 In June As South-South States Record Highest Prices

Next Post

Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos

ANOTHER GOOD READ

Nigeria to License Procurement Trainers in Crackdown on Quackery
News

Nigeria to License Procurement Trainers in Crackdown on Quackery

2 hours ago
WhatsApp Launches App For iPad
News

WhatsApp Bans 6.8m Scam Accounts, Adds New Safety Features

2 hours ago
Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos
News

Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos

2 hours ago
Edo Gov Suspends NURTW, RTEAN Activities Over Alleged Extortion
News

Edo Gov Suspends NURTW, RTEAN Activities Over Alleged Extortion

3 hours ago
News

NCAA Suspends 2 ValueJet Pilots Over Safety Breach At Abuja Airport

3 hours ago
NADDC Rallies Stakeholders For Local Content Push In Nigeria’s Auto Industry
News

NADDC Rallies Stakeholders For Local Content Push In Nigeria’s Auto Industry

16 hours ago
Next Post
Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos

Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos

Most Recent

Telecom Industry Grapples With CNII Implementation

Foreign Investment in Nigeria’s Telecom Sector Plunges 58%

August 6, 2025
Nigeria to License Procurement Trainers in Crackdown on Quackery

Nigeria to License Procurement Trainers in Crackdown on Quackery

August 6, 2025
WhatsApp Launches App For iPad

WhatsApp Bans 6.8m Scam Accounts, Adds New Safety Features

August 6, 2025
Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos

Capital Inflows Hit $5.6bn in Q1 As Abuja Tops Lagos

August 6, 2025
Nigeria’s Aviation Sector Eyes Cheaper Fleet Via Dry Lease

Nigeria’s Aviation Sector Eyes Cheaper Fleet Via Dry Lease

August 6, 2025
Cooking Gas Hits ₦21,010 In June As South-South States Record Highest Prices

Cooking Gas Hits ₦21,010 In June As South-South States Record Highest Prices

August 6, 2025
Germany Expands Schengen Visa Centres In Nigeria, Cameroon, Cyprus

Germany Expands Schengen Visa Centres In Nigeria, Cameroon, Cyprus

August 6, 2025
Edo Gov Suspends NURTW, RTEAN Activities Over Alleged Extortion

Edo Gov Suspends NURTW, RTEAN Activities Over Alleged Extortion

August 6, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy