After nearly 20 years of inability to secure manufacturers’ confidence of viability of dry-leased business in Nigeria, the country is set to receive a dry-leased aircraft on October 6, a development that is expected to attract more lessors into the aviation industry.
The Minister of Aviation and Aerospace Development, Barr. Festus Keyamo, made this disclosure on Wednesday during the foundation-laying of Air Peace’s new maintenance hangar at the Murtala Muhammed International Airport, Lagos
He described the latest development through Air Peace in the aviation industry as a welcomed development, after the recent delisting of Nigeria from a global blacklist as a result of implementing the Cape Town Convention.
Recalling that for close to 20 years, Nigerian airlines had been operating on wet-leased aircraft, Keyamo explained that the feat by Air Peace had changed the narrative and renewed global confidence in the nation’s aviation industry.
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Keyamo explained that wet leases placed a heavy burden on airline operators and passengers through inflated ticket prices, costly maintenance, and other overhead expenses.
The minister said: “This is the first time we are going to have a dry lease. Dry lease means that confidence has returned to the Nigerian ecosystem.
“They are giving you your plane. Control it yourself. I wrote a personal guarantee for Air Peace to get that dry lease. I put my life and my reputation on the line”, he added.
Speaking further on Air Peace’s upcoming Maintenance, Repair and Overhaul (MRO) facility, Keyamo maintained that the project would save Nigeria foreign exchange and curb capital flight.
He clarified: “What this is going to save in terms of FX to this country is incredible. Air Peace alone spends about N180 billion yearly for maintenance; imagine what other airlines are spending.
“Monies that should remain within our jurisdiction went out. That is capital flight. With this facility here, we are going to keep that within Nigeria.
“We are now going to attract people to bring in their money, not only ours, but we are going to attract foreign inflows.
“In the whole of West Africa and Central Africa, there are no good MROs. The good thing is that this facility will accommodate wide-bodied aircraft. You do not have such in the whole of West Africa and Central Africa”, the minister stressed.
Noting that the recent visit of President Bola Tinubu to Brazil helped Air Peace to secure Embraer’s partnership with the airline in providing technical support for the new MRO project, he explained that the MRO would introduce a simulator for pilots, reduce reliance on overseas training and open avenues for foreign exchange earnings for the country in the aviation industry.
It would be recalled that Air Peace had in August this year hinted of its plans to kick off the MRO project in collaboration with Brazilian aircraft manufacturer Embraer and scheduled for completion within 12 to 15 months.
The airline’s Chairman, Allen Onyema explained: “By September 17, we are going to inaugurate the commencement of construction of our new MRO, and Embraer will operate maintenance for Embraer jets. You will now be able to do it here, and people will also come to Nigeria to do the same.”
“In Brazil, they signed several MoUs, but what really impressed me was their partnership approach, one that respects our sovereignty and is mutually beneficial… President Lula’s warmth showed a genuine eagerness to work with Nigeria”, he added.
