The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, has confirmed that Nigeria is no longer blacklisted in the global aviation leasing market, paving the way for improved access to aircraft leasing opportunities.
“The important thing is that Nigeria is no longer on the blacklist. Nigeria was blacklisted before, but that is sorted,” Okonkwo stated.
He explained that while the country’s blacklisting issues have been resolved, individual airline operators must now negotiate directly with lessors to secure aircraft.
“So, individual operators, we now have to discuss flying the aircraft, discuss with lessors, meet their conditions, and then sign on the dotted lines.”
According to Okonkwo, Nigeria was previously considered a high-risk market, making it difficult for airlines to lease aircraft. However, with the improved rating, operators now have better opportunities.
“It all depends on the risks. Before, Nigeria was rated very high risk, and almost no business was done with Nigeria, but now the high risk is gone. We hope the price is competitive,’ he said.
The development is expected to ease aircraft acquisition for Nigerian airlines, enhancing the country’s aviation sector and boosting airline operations.
Speaking on the complexities of aircraft acquisition, the Special Adviser on Media and Communications to the Ministry of Aviation and Aerospace Development, Tunde Moshood, said, “On dry leasing, the process of getting an aeroplane purchased is not your regular process of ‘I want to buy a car, and I’m paying, and I’m taking it home.’. There are so many processes, so many documentary things that will be involved.”
He noted that Nigeria’s participation in the Boeing Lessors Forum has strengthened the country’s standing in the global aviation market.
“So, the Boeing lessors forum that we attended has exposed Nigeria to the Western world; they appreciated the fact that Nigeria is back and it is promising and that we are fulfilled in all righteousness. Like our IDERA, like the Cape Town Convention, all of these are what has endeared us to the lessors,” he added.
Moshood further revealed that members of the Airline Operators of Nigeria had discussions with leasing companies, opening avenues for potential deals, saying, “And some of the AON members met with some leasing companies, and they have been talking. Also, the major takeaway is that we have one of our side meetings, a meeting with Afreximbank. We are getting 25 aircraft on dry lease, and the minister has also cajoled them and said, even though they said it’s for all Africans, they have conceded that we will get a chunk of it.”