The Minister of Aviation and Aerospace Development, Festus Keyamo, has urged Nigerian airlines to take advantage of aircraft dry leasing opportunities, noting that the country is set to receive its first set of dry lease aircraft by October 6, 2025.
The announcement came during the groundbreaking ceremony of Air Peace’s Maintenance, Repair and Overhaul facility at Murtala Muhammed International Airport in Lagos.
Keyamo highlighted that for nearly two decades, Nigerian carriers relied almost entirely on wet leases, which contributed to high ticket prices and increased maintenance costs. “This is the first time we are going to have a dry lease. Dry lease means that confidence has returned to the Nigerian ecosystem. They are giving you your plane. Control it yourself. I put my life and my reputation on the line,” he said.
The minister also noted that the new MRO facility, developed in partnership with Brazilian aircraft manufacturer Embraer, would significantly reduce foreign exchange outflows previously spent on maintenance abroad. He revealed that Air Peace alone spends about N180 billion annually on overseas aircraft maintenance, a sum that will now be retained within the country.
Keyamo further encouraged commercial banks to return to financing the aviation sector, stating that increased support for aircraft acquisition would spur growth and stability in the industry. He reassured investors and stakeholders that the aviation ecosystem had been recalibrated to allow banks to finance aircraft purchases with confidence.
The minister also disclosed that Air Peace had received approval to operate four international routes Italy, Canada, Paris and Istanbul and emphasized that Nigerian airlines currently transport only five percent of international travellers, a figure he urged the industry to improve.
Keyamo concluded that dry leasing and investments in local MRO capabilities represent critical steps toward a more self reliant and competitive aviation sector, capable of reducing costs, retaining capital and boosting service quality.
