Nigeria’s aviation industry has seen a significant boost in its global rating, rising from 49 to 70.5, following the country’s full compliance with the Cape Town Convention (CTC) on the dry-leasing of aircraft. This is the highest rating Nigeria has achieved to date, a major step towards enhancing international confidence in its aviation sector.
The rating adjustment was made by the Aviation Working Group (AWG), co-chaired by global aviation leaders Boeing and Airbus. This increase reflects the Nigerian government’s efforts, led by the Minister of Aviation and Aerospace Development, Festus Keyamo, in signing the CTC Practice Directions and aligning regulations with international standards.
Tunde Moshood, Special Adviser on Media and Communications to the Minister, shared the news in a statement on Wednesday. He noted that the Nigerian Civil Aviation Authority (NCAA) has been directed to adjust its administrative rules, known as IDERA, to fully align with the CTC. This move is expected to further boost the confidence of international financiers and aircraft lessors in Nigeria’s aviation market.
In a message to Nigeria’s Ministry of Aviation, the AWG, based in London and New York, commended the minister and his team for their efforts, stating that the updated rating provides comfort to financiers and the leasing community. They also indicated the possibility of a further rating increase as Nigeria continues to enhance its administrative framework and courts begin applying the new Practice Directions.
The improved rating is a positive signal for the future of Nigeria’s aviation sector, with increased potential for growth and greater ease of doing business.
