Nigeria has taken a major step toward deepening aviation sector reforms and infrastructure financing after signing a Letter of Intent (LOI) with the African Development Bank (AfDB) under the Integrated Aviation Transformation Programme (IATP).
The agreement was signed on Thursday in Brazzaville, Congo, by the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, who attended a high-level dialogue session with the President and Governors of the AfDB in his capacity as African Champion of the IATP initiative.
During the meeting, Keyamo presented opportunities embedded in the AfDB-backed $7 billion aviation transformation programme, describing it as a strategic platform capable of reshaping air transport development across Africa and unlocking investment opportunities for member countries.
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The minister used the forum to outline President Bola Ahmed Tinubu’s Renewed Hope Agenda for the aviation sector, highlighting ongoing reforms aimed at improving the competitiveness and viability of Nigeria’s aviation industry.
A major focus of his presentation was the newly approved Nigeria Aircraft Leasing Company, which the Federal Government hopes will reduce the dependence of domestic airlines on expensive foreign leasing arrangements and improve access to aircraft financing.
Keyamo urged the AfDB to mobilise capital support for the initiative, saying the project could serve as a model for other African countries seeking to strengthen their aviation sectors.
According to him, Nigeria has already laid the regulatory and legal groundwork necessary for the successful takeoff of the leasing company.
He noted that the country had domesticated the Cape Town Convention, updated its Irrevocable Deregistration and Export Request Authorisation (IDERA) framework, and reviewed its aviation insurance policies to align with global industry standards.
He said the reforms were designed to improve investor confidence and position Nigeria as a more attractive destination for aviation financing and leasing transactions.
The AfDB President reportedly expressed satisfaction with Nigeria’s presentation and reaffirmed the bank’s commitment to supporting the Integrated Aviation Transformation Programme across Africa, particularly in Nigeria.
Following the dialogue session, Keyamo formally unveiled Nigeria’s Country Compact for the aviation sector before proceeding to the signing ceremony of the Letter of Intent between the AfDB and the Federal Republic of Nigeria.
The agreement commits both parties to work towards operationalising the bank’s aviation transformation programme and advancing broader sectoral development objectives across the continent.
The IATP is one of the AfDB’s flagship initiatives targeted at addressing infrastructure gaps, improving connectivity, and promoting sustainable growth within Africa’s aviation ecosystem.
