Global organisation, Aviation Working Group (AWG), has scored Nigeria high and has commended the Minister of Aviation and Aerospace Development, Festus Keyamo, for the decision of the federal government to fully comply with the Cape Town Convention by signing the practice direction on dry-leasing of aircraft.
AWG comprises major aviation manufacturers, leasing companies and financial institutions that contribute to the development of policies, laws and regulations that facilitate advanced international aviation financing and leasing.
Reacting to what Nigeria has done, AWG swiftly adjusted the global score/rating of Nigeria on her compliance status from 49 to 70.5.
The Ministry of Aviation disclosed that this is the largest score Nigeria has attained till date to give comfort to financiers and the leasing world.
It noted that there is also potential for further increase in the next few weeks as the minister has directed the NCAA to immediately adjust its administrative rules called IDERA to also fully align with the Convention to further boost the confidence of financiers and lessors across the world.
According to a statement signed by the Special Adviser Media and Communication to the Minister, Tunde Moshood, time, effort and skill deployed to ensure growth of the sector
“In an email received this evening, the Aviation Working Group in London and New York commended the Aviation Minister and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.
“They also said they are poised for further increase the score once Nigeria adjust its administrative rules in the next few weeks and the courts actually begin to apply the practice direction,” it said.
With the legal backing to the compliance with the Convention on International Interests in Mobile Equipment 2001, known as Cape Town Convention, the Minister of Aviation and Aerospace Development, Keyamo, has now opened the opportunity for Nigerian airlines to easily acquire aircraft and compete effectively with others in the world.
The airlines said the minister had reached a milestone in the effort to make Nigerian carriers lease aircraft at cheaper cost and also to make lessors rescind the blacklist of Nigerian operators on dry lease of equipment.
AWG by increasing the rating of Nigeria, the statement stressed, has indicated the impact made by the Federal Government by signing the practice direction on the Cape Town Convention.
Chinedu Eze
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