Nigeria’s minister of aviation and aerospace development, Festus Keyamo, has met with the leadership of the African Development Bank in Brazzaville, Congo, as discussions intensify over the implementation of the $7bn Integrated Aviation Transformation Programme for Africa (IATP), a continent-wide initiative aimed at overhauling Africa’s aviation sector.
Keyamo attended the dialogue session with AfDB President Dr. Sidi Ould Tah and governors of the bank in his new role as the African Champion of the program, a position recently conferred on him by the continental financial institution.
The IATP, unveiled earlier this year by the AfDB in partnership with the African Airlines Association, is designed to modernize Africa’s aviation ecosystem, improve connectivity, mobilize private and institutional investment, and strengthen aviation financing across the continent.
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Speaking during the session in Congo, Keyamo said Nigeria intends to leverage the initiative to reposition its aviation industry and deepen investor confidence in the sector.
According to a statement issued by the ministry on Thursday, the minister highlighted the opportunities embedded in the program and linked them to President Bola Tinubu’s Renewed Hope agenda for aviation sector reforms.
Keyamo particularly pointed to the newly approved Nigeria Aircraft Leasing Company, describing it as a major intervention expected to reduce the dependence of domestic airlines on foreign aircraft lessors.
“The newly approved Nigerian Aircraft Leasing Company presents enormous opportunities not only for Nigeria, but also as a model other African countries can emulate. We have done the groundwork to enable the takeoff of such an initiative,” he said.
The minister said the federal government had already implemented several reforms to align Nigeria’s aviation industry with global standards and improve the ease of doing business for investors.
He disclosed that Nigeria had domesticated the Cape Town Convention, updated its irrevocable deregistration and export request authorization framework, and reviewed aviation insurance policies to strengthen investor protection and financing confidence.
Keyamo also appealed to the AfDB to provide financial backing for the initiative, noting that access to affordable capital remains one of the biggest obstacles confronting African carriers.
“These reforms are aimed at improving investor confidence and ensuring that Nigeria becomes a major hub for aviation financing and aircraft leasing in Africa. We believe the bank can play a key role in mobilizing capital support for this initiative and help create a sustainable aviation financing structure for Africa,” he added.
Responding after the presentation, AfDB President Sidi Ould Tah reportedly expressed satisfaction with Nigeria’s aviation reform plans and reaffirmed the bank’s commitment to supporting the program, particularly in Nigeria.
The meeting culminated in the unveiling of Nigeria’s Country Compact for the aviation sector and the signing of a Letter of Intent between Nigeria and the African Development Bank.
The AfDB had earlier said Keyamo’s appointment as African Champion followed Nigeria’s “leadership and vision” in implementing reforms targeted at transforming the aviation sector and attracting investment into the industry.
Industry analysts say the initiative could significantly reshape Africa’s air transport sector, where African airlines currently account for less than three per cent of global air traffic despite the continent representing nearly 18 per cent of the world’s population.
