Nigeria’s aviation compliance score increases to 75.5%, unlocking new opportunities for airline financing and leasing.
Nigeria’s aviation industry has achieved a significant milestone following the latest update from the Aviation Working Group (AWG), which has raised the country’s compliance score on the Cape Town Convention (CTC) Compliance Index from 70.5% to 75.5%.
This development moves Nigeria into the “high category” of compliant nations, an essential step for the country’s aviation sector.
A press release by the Special Adviser to the Minister of Aviation and Aerospace Development, Tunde Moshood, confirmed that the increase in Nigeria’s score stems from the signing of the Irrevocable De-registration and Export Request Authorisation (IDERA), a crucial administrative rule that facilitates the repossession of aircraft by creditors and lessors.
According to the AWG, the Nigerian Civil Aviation Authority (NCAA) issued Advisory Circular NCAA-AC-AWS001A, which provides detailed procedures for the recordation and enforcement of IDERA. This document outlines timelines for both recordation and deregistration of aircraft under IDERA, aligned with CTC requirements. The AWG confirmed that this action was responsible for the increase in Nigeria’s Variable A score, which rose from 4 to 5.
This compliance achievement was also confirmed by Jeffrey Wool, Secretary General of the AWG, in a message addressed to Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo. Wool wrote, “Please see these two documents, just posted on the AWG website. You will see the new Nigeria score is 75.5, which places the country in the high category. Congratulations and well done.”
As a result of these advancements, Nigeria has now been officially removed from the AWG’s watchlist of non-compliant countries. Wool’s letter underscores the importance of this shift, noting that the compliance process has now concluded for Nigeria.
With this new compliance status, Nigeria is expected to benefit greatly from expanded opportunities in aircraft financing and leasing markets. This could lead to increased access to aircraft for Nigerian airlines, improving flight regularity, expanding serviced routes, and potentially resulting in more competitive ticket pricing. Moshood said, “The resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public.”
This milestone marks a critical turning point for Nigeria’s aviation industry, as compliance with international aviation standards unlocks new opportunities for growth and development in the sector.
Ozioma Samuel-Ugwuezi
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