Nigeria's aviation sector has achieved a notable milestone with a significant increase in its compliance score on the Cape Town Convention (CTC) Compliance Index. Following the recent signing of the Irrevocable De-registration and Export Request Authorization (IDERA) governing aircraft repossession by creditors and lessors, the score rose from 70.5% to 75.5%, placing Nigeria in the ‘high category’ of compliance.
This development has led to Nigeria's official removal from the Aviation Working Group (AWG) watchlist of non-compliant countries. Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, announced the news during the Joint User Hydrant Installation 2 inauguration in Lagos.
In a statement, Keyamo emphasized that this achievement unlocks numerous opportunities for the country's aviation sector, enhancing access to global aircraft financing and dry leasing for Nigerian airline operators. "The resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public," he stated.
The recent score improvement follows Nigeria's previous compliance boost from 49.5% to 70.5% after the government signed the CTC practice direction on September 12. Keyamo noted that the necessary documentation to instill confidence in aviation financiers and lessors had been left unattended for a decade, underscoring the significance of the IDERA signing.
The AWG, co-chaired by Boeing and Airbus, confirmed that Nigeria's new score aligns with those of major nations in the global aircraft financing landscape. This compliance upgrade represents a major shift for Nigeria's aviation sector, moving it from a previously non-compliant status to a competitive position on the international stage.
Additionally, the Nigeria Civil Aviation Authority has updated the IDERA document, which empowers it to deregister and export aircraft registered in Nigeria. Keyamo described the progress as a “market-opener” for the aviation sector, positioning it for greater global engagement.
At the same event, Patience Dappa, CEO of Masters Energy Oil and Gas, highlighted the completion of the JUHI-2 aviation fuel storage facility, which serves as the largest airside jet fuel depot in Nigeria, with a capacity of 15 million liters. She credited the collaboration among various companies in overcoming challenges to achieve this infrastructure milestone.
