The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has emphasized the need for Nigerian airline operators to transition from wet leasing to dry leasing of aircraft to enhance the sector’s growth and sustainability. During a meeting with the National Association of Nigeria Travel Agencies (NANTA) in Abuja, Keyamo voiced concerns over the profitability and competitiveness of local airlines, underscoring that wet leasing is a major barrier to the industry’s sustainable development.
Keyamo stressed that opening the market for dry leasing would empower Nigerian operators and restore the aviation industry’s former glory. He revealed that he has been visiting aircraft manufacturing companies to assist local investors in acquiring aircraft, aiming to revitalize the sector.
“My mission is to restore the glory of the Nigerian aviation industry, and that is why I have embarked on visits to aircraft manufacturing companies to help our local investors acquire aircraft. Wet leasing is killing our capacity to grow the sector sustainably. It is my major concern to empower Nigerians,” said Keyamo.
NANTA President, Mr. Yinka Folami, praised Keyamo’s determination to reform the sector and assured him of NANTA’s ongoing support and collaboration. However, Folami also highlighted the significant 40% market shrinkage caused by unregulated cross-border trading by foreign merchants and their local partners. He urged the government to implement policies to ensure fairness and curb unethical practices that lead to economic sabotage.
Folami stated, “We have no problem with global players in our market, but they should play fair and stop encroaching on global fares, which negatively impact the Nigerian economy and travelers. Our market is eroded by this development, and jobs are threatened. We want the government to initiate policies to check these unethical practices and impose necessary sanctions.”
Keyamo assured that all travel trade-related concerns would be addressed by the federal government, emphasizing the importance of collaboration to create jobs and empower Nigerians. He commended NANTA for their support during challenging times and called for continued partnership to stabilize and grow the Nigerian aviation industry.
In conclusion, both Keyamo and Folami agreed on the critical need to support local operators, ensure fair market practices, and implement policies that will foster a sustainable and competitive aviation sector in Nigeria.
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