Nigeria has signed a Letter of Intent (LOI) with the African Development Bank (AfDB) to advance aviation infrastructure and transformation across the continent.
The agreement was signed on Thursday by Minister of Aviation and Aerospace Development, Festus Keyamo, during a high-level dialogue with AfDB President Dr. Sidi Ould Tah and other officials in Brazzaville.
Keyamo, who serves as the African Champion for the AfDB’s Integrated Aviation Transformation Programme, highlighted opportunities under the bank’s $7 billion aviation initiative for Africa, with a strong focus on Nigeria.
According to a statement from the minister’s Special Adviser on Media and Communications, Tunde Moshood, Keyamo presented President Bola Tinubu’s Renewed Hope Agenda for the aviation sector.
He emphasized the potential of the newly approved Nigeria Aircraft Leasing Company and called on the AfDB to mobilize capital in support of it.
The minister also unveiled Nigeria’s Country Compact for the aviation sector and outlined key reforms already implemented, including domestication of the Cape Town Convention, updates to the Irrevocable Deregistration and Export Request Authorisation (IDERA) framework, and improvements in aviation insurance policies. These steps, he noted, position Nigeria as a model for other African nations.
The AfDB President expressed strong support for the programme and pledged commitment to its successful implementation in Nigeria and across the continent.
This partnership is expected to enhance aircraft leasing capabilities, reduce reliance on foreign exchange for fleet acquisition, improve connectivity, and drive overall growth in Nigeria’s aviation industry.
