Airline operators are optimistic the aviation sector will be significantly enhanced if Afrexim Bank implements its pledge to provide financing for aircraft acquisition in Nigeria.
The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, expressed optimism while speaking with our correspondent about the transformative impact of the proposed access to finance for the acquisition of 25 aircraft for Nigerian airlines.
Okonkwo said, “If we get 25 aircraft, definitely routes will improve. It’s going to improve. It will be a game-changer. If the 25 aircraft come to Nigeria, that will be a big difference. It will increase capacity, it will increase reliability, it will add more routes, and so on.”
A senior official of another domestic airline, who preferred to speak anonymously due to lack of authorisation to speak with the press, echoed similar sentiments, emphasising the significant impact increased capacity could have on airlines.
“Airlines that will be able to access that fund will be able to increase their capacity by buying more aircraft. More aircraft means my capacity has increased, which means I can expand my business,” the official said.
The source further elaborated on the operational benefits, explaining that with additional aircraft, airlines could either introduce new routes or increase the frequency of flights on existing ones.
“If there are increased passenger numbers, invariably it means it will also impact revenue. Revenue to the agencies, revenue to the government, because the agencies represent the government. Increased revenue to the government means what? Increased GDP and better economy,” the airline official added.
However, another local airline operator who spoke in confidence, expressed scepticism about the realisation of the plan, citing past unfulfilled commitments.
“Afrexim Bank made this commitment way back. If this is a renewal of the pledge, I don’t know if they will make it happen this time around,” the operator said.
On January 16, 2025, it was reported that Afrexim Bank had pledged its support for aircraft financing for Nigerian airlines after a successful meeting at the Aviation Economic Conference in Dublin, Ireland.
Tunde Moshood, the Special Adviser on Media and Communications to the Minister of Aviation and Aerospace Development, Festus Keyamo, stated this in a statement.
The statement was titled, ‘Afreximbank To Support Aircraft Financing for Nigerian Airlines Following Productive Side Meeting at Dublin Aviation Economic Conference’.
It read, “A significant milestone in Nigeria’s aviation sector was achieved during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland.
“The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.
“The meeting was attended by the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, who led the Nigerian delegation.”