FG Partnership With Banks Will Boost Aircraft Access – Aero MD

A crucial step, the strategic partnership initiated by the Federal Government with financial institutions and leasing companies will geared towards expanding accessibility to aircraft within the country’s aviation sector.

This was disclosed by the Chief Executive Officer, Captain Ado Sanusi, in a virtual press conference that the partnership should guarantee lessors that the government stands behind them to safeguard their assets and investments in Nigeria.

According to him, “The low-hanging fruit for the government to bring stability to the sector is to provide accessible aircraft to aviation companies in Nigeria. The federal government needs a partnership with leasing companies.

“This partnership would ensure sovereignty, providing a guarantee to lessors that they are supported in protecting their assets and investments in Nigeria.

“The government should be saying things like, “Look, we would do anything to retrieve your assets in the event there is a default, but we don’t want that to happen.”

The CEO noted that the government should ensure that the financial sector establishes a robust economy that provides access to foreign exchange, as this would enable ease of npayment for lease rentals.

These calls, however, was made amidst ongoing efforts by the Minister of Aviation and Aerospace Development, Festus Keyamo, to revitalise Nigeria’s aviation sector and position it for sustained growth.

Last month, the minister notes that it was in discussion with aircraft leasing and manufacturing companies in a move to stimulate local investments in the country’s aviation sector.

Keyamo said, “We are determined to go far and wide to woo aircraft leasing companies and aircraft manufacturers to come to our aid. There is no shame in doing this now since we lack the capacity to produce our own aircraft or to purchase them."