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FG to Set up Aircraft Leasing Company to Support Local Airlines
The Federal Government has disclosed plans to establish an aircraft leasing company in Nigeria, aimed at providing a much-needed boost to local carriers. This strategic initiative is designed to empower Nigerian airlines by serving as an intermediary between them and international lessors, with the government providing a sovereign guarantee to facilitate transactions.
Festus Keyamo, minister of Aviation and Aerospace Development, disclosed this during the ceremonial arrival of Air Peace’s first dry lease aircraft, Boeing 737-700 at the Murtala Muhammed Airport Terminal 2 in Lagos.
According to Keyamo, the proposed aircraft leasing company will enable local airlines to access aircraft without having to navigate the complex global market alone. “We want to put an aircraft leasing company in place, so that Nigerian airlines will not be the ones negotiating with the world,” Keyamo stated.
“We don’t have to walk in silence again. The airlines don’t need to walk around the world looking for aircraft. Government must take care of that responsibility.” With the government’s sovereign guarantee, the project is expected to attract investors from around the world, creating a pool of resources that will support local airlines.
The minister emphasised that the leasing company will form a capital base, with local airlines given priority access to these resources. “This pool will form a capital base. No other person can be the off takers before the local airlines. This will make life easy for the airlines. We’ll be knocking on the doors of aircraft lessors and manufacturers very soon to talk business. We are here to support the local airlines.”
The establishment of the aircraft leasing company is expected to have a significant impact on the Nigerian aviation sector, enabling local carriers to compete more effectively with their international counterparts. With the government’s support, Nigerian airlines will be able to access modern, fuel-efficient aircraft, enhancing their operational efficiency and safety standards.
Keyamo described the arrival of the dry lease aircraft for Nigeria and aviation industry as a whole.
“This is a momentous occasion for Air Peace and the Nigerian aviation industry,” Keyamo stated. “It demonstrates the government’s commitment to supporting local carriers and promoting the growth of the aviation sector.”
Keyamo commended Air Peace for its discipline and financial prudence, which have enabled the airline to achieve this significant milestone. He also emphasised the need for local airlines to acquire more aircraft to compete effectively in the international market. “There is a need for the acquisition of more wide-body aircraft by local operators to compete in the international space,” Keyamo stated.
Allen Onyema, chairman, Air Peace said the journey of securing an aircraft through dry lease started at the minister’s office who saw the importance of having a vibrant aviation sector, and is always willing to partner with the local airlines, leasing companies and the Nigeria Civil Aviation Authority (NCAA) to ensure Nigeria has a chance to take its rightful place in commercial aviation in Africa.
Onyema said Air Peace has been very diligent in ensuring its aircraft are properly maintained, stressing that it would continue to represent Nigeria well at the international space.
“We make sure that our maintenance is top-notch. We are here on behalf of other Nigerian airlines. We are carrying the visions and aspirations of this country and if we fail, it will be a disgrace.
“Given the support we have received from all arms of government and the Nigerian public, I believe we won’t fail our country,” the Air Peace chairman said.
Onyema commended Festus Keyamo for his relentless efforts in supporting local airlines.
“We need wide-bodied aircraft. Like him or hate him, the minister has changed the face of the country’s aviation industry. In the eight years before he came, it was a struggle for Nigerian airlines. When the minister came on board, he noticed a gap and fixed it.
“Before now, the mantra was that Nigerian airlines lack capacity therefore let us invite foreign airlines to take over. He looked at what to do to support Nigerian airlines so that they can compete. The President also gave the marching order to make this happen,” Air Peace chairman said.
Onyeme said most big airlines don’t own some of the aircraft they use as most go to Boeing and Airbus to make orders and the lessors grant them.
“That is why you see one airline having about 400 planes. In Nigeria, every airline owner is expected to buy their own aircraft. When we brought up the issue of aircraft dry-leasing with the minister, he did the necessary things. Today, we have a dry-leased aircraft,” he said.
Moore Ibekwe, Junior sales director, Africa Region Boeing Commercial Airplanes said three years ago when he took up the job as a sales director for West Africa, East Africa, Southern Africa, and Morocco, only himself and one of his senior finance directors believed that this day could happen.
“However, I want to everyone because we continue to push. They were open to tell us what it would take for us to get here, how we can get aircraft into Nigeria, and I see this as the beginning. Yes, it’s one aircraft, but I can tell you this is the opening point for a better aviation sector,” Ibekwe said.
He said Nigeria needs to take its rightful place in aviation with Air Peace setting the pace.
“Air Peace plays a pivotal role in the Nigerian economy.This is about the region. This is about Africa. This is about us creating opportunities for the future.
“Air Peace hires or employs thousands of people, and their families depend on the airline for their livelihood. And it’s important that we have to support the industry here,” Ibekwe added.
Present at the event was Chris Najomo, Director General of the Nigeria Civil Aviation Authority; Bunmi Kuku, Managing Director Federal Airport Authority of Nigeria, Peter Ryan,
Irish Ambassador to Nigeria, and Kevin Ugwuoke, Financial partners- Executive Director Risk Management at Fidelity bank, who also represented by
Kenneth Opara, the Executive Director of the bank, among others.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
Nigeria and Israel yesterday reaffirmed their commitment to deepening bilateral cooperation in research, technology and innovation as both countries pledged to expand partnerships that will drive entrepreneurship, commercialise research and accelerate economic development.
The commitment was made at the closing ceremony and innovation showcase of the I-FAIR Cohort of the Israel-Nigeria Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR) in Abuja, where the Ambassador of Israel to Nigeria, Michael Freeman, announced that funding had been secured for the fifth edition of the programme, scheduled to begin in October 2026.
Freeman described I-FAIR as a practical demonstration of the growing partnership between both countries, saying it had enabled Nigerian innovators to develop local solutions to national challenges through Israeli mentorship and expertise.
He said, “This programme has never been about bringing Israeli solutions to Nigeria. It’s been about helping brilliant Nigerian innovators develop Nigerian solutions to Nigerian challenges supported by Israeli experience, mentorship and innovation.”
The envoy noted that the initiative had brought together government, academia, investors, engineers and entrepreneurs to transform innovative ideas into businesses capable of creating jobs and stimulating economic growth.
Announcing the continuation of the programme, he said, “I am so proud to stand here today and announce that we have secured with our partners funding for I-FAIR 5 and I-FAIR 5 will be launching in October 2026.”
Freeman said the relationship between Nigeria and Israel had grown significantly over the past four and a half years through cooperation in innovation, agriculture, healthcare, education, water management and technology.
He expressed confidence that stronger collaboration between both countries would unlock greater opportunities for startups, research institutions and businesses.
According to him, “Israel brings experience and innovation, technology, agriculture, healthcare, cyber security, security and water management. Nigeria brings extraordinary talent, creativity, entrepreneurship and one of the most dynamic young populations anywhere in the world.”
He added, “I have no doubt that the best chapters of the relationship between Israel and Nigeria are still ahead of us.”
The Executive Secretary of the Tertiary Education Trust Fund, Architect Sonny Echono, also reaffirmed TETFund’s commitment to strengthening research and innovation through strategic partnerships with Israel and other stakeholders.
He said the I-FAIR programme aligned with Nigeria’s priorities in food security, agriculture, medicine, technology, clean energy and the circular economy, adding that TETFund would continue supporting initiatives that promote research commercialisation.
Echono stressed that collaboration between government, academia and industry remained critical to translating research findings into products and services.
He said, “It is this critical linkage, especially between science, engineering, technology and innovation, and the productive sector that is critical for translating R&D results and inventions into finished products for socio-economic benefits of our people.”
He disclosed that TETFund was working with partners to establish innovation facilities in about 60 tertiary institutions and had created a student innovation fund that would provide up to ₦50 million to students with commercially viable ideas.
The TETFund boss also announced plans for a National Research Fair later this year, where innovators would showcase products before policymakers, financial institutions and investors to attract funding and commercial partnerships.
Paying tribute to the outgoing Israeli ambassador, Echono described Freeman as a strong bridge between Nigeria and Israel.
He said, “Nigeria is grateful for your service. You have been a strong bridge between our two countries.”
Earlier, Head of Programmes at Innov8 Hub, Tolulope Aina, said sustainable economic development depended on building an innovation ecosystem that transforms ideas into successful businesses.
She noted that Innov8 Hub had supported more than 3,000 innovators, researchers and entrepreneurs, helping them convert research into products, startups and investment-ready ventures.
Aina said, “Nigeria does not suffer from a shortage of brilliant minds, what we need are stronger pathways that help those ideas become products, businesses, and opportunities that improve life.”
She thanked the Embassy of Israel and TETFund for their continued support in strengthening Nigeria’s innovation ecosystem.
According to her, “Building an innovation-driven economy requires collaboration, long-term commitment and shared purpose.”
Chief Judges drawn from countries across the African continent have resolved to collaborate and support measures aimed at ensuring the success of the Africa Continental Free Trade Area (AfCFTA) through an efficient, reliable and predictable dispute resolution system.
They agreed to explore ways to harmonize disputes resolution mechanisms in the continent with a view to making it easier and faster to resolve commercial disputes.
The resolutions formed part of the decisions taken at the third Africa Chief Justices’ Alternative Dispute Resolution (ADR) Summit held in Nairobi, Kenya between June 18 and 19.
According to a statement by the Special Assistant on Media to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, Mr. Tobi Soniyi, the African judicial leaders were of the view that commercial confidence depends largely on legal certainty.
They emphasised how structured Alternative Disputes Resolution could enhance commercial justice, protect the business environment and support the AfCFTA.
In her contribution, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun urged called on African judiciaries to proactively prepare for emerging challenges to disputes resolution in the continent.
Justice Kekere-Ekun, who served as Co-Chair of the session on “Financial sector disputes, tax certainty and ADR: Building commercial confidence in Africa, noted that AfCFTA represents one of the most ambitious economic integration projects in modern history.
The CJN, who stressed the importance of a proactive Judiciary to the success of AfCFTA, warned that its success would depend, not only on trade protocols, tariff reductions and economic policies, but also on the strength and reliability of the institutions that support commerce.
Justice Kekere-Ekun urged her colleagues to examine how judiciaries in the continent, central banks, tax administrations and ADR institutions could work together to reduce uncertainty, prevent disputes, strengthen investor confidence and support the realization of AfCFTA’s objectives.
She envisaged the growth of intra-African trade to inevitably generate cross-border tax disputes; foreign exchange disputes; banking and payment system disputes; digital commerce disputes; enforcement of arbitral awards; recognition of foreign judgments; and disputes arising from regional supply chains.
The CJN, who said “African Judiciaries must proactively prepare for these emerging realities,” challenged African judicial leaders on the importance of disputes prevention mechanism.
She stated that modern commercial justice must move beyond the traditional focus on disputes resolution after conflicts arise.
“The most successful commercial systems are not those that generate the highest volumes of litigation but those that reduce the need for litigation,” she added.
Justice Kekere-Ekun, who stressed the importance of ADR, cautioned against seeing ADR as merely an alternative procedure.
She said ADR should rather be considered as a strategic tool for reducing transaction costs, preserving commercial relationships, enhancing investor confidence, reducing court congestion, improving ease of doing business and strengthening commercial certainty.
Sharing the Nigerian experiences, Justice Kekere-Ekun cited the recent decision by the Nigerian Supreme Court in the case of EMTS v. AFDIN Ventures Ltd. & Ors. (2026), which reaffirmed important principles of commercial certainty, including respect for arbitration agreements; recognition that consent may be inferred from conduct; judicial restraint from re-litigating arbitral disputes on the merits; and the importance of finality in arbitral awards.
According to her, the decision reinforced Nigeria’s position as an arbitration-supportive jurisdiction.
She identified timely resolution of tax disputes as an important factor in ensuring certainty and recommended Nigerian tax disputes resolution mechanism which she said “offers useful example of institutional reforms that support commercial certainty.”
Justice Kekere-Ekun recommended the Nigeria’s Tax Appeal Tribunal model, which she described as one of Nigeria’s most significant innovations.
According to Mr. Soniyi, Justice Kekere-Ekun’s message to his brother justices is clear: building an African commercial environment in which investors, businesses, regulators and citizens can transact across borders with confidence, secure in the knowledge that their rights will be protected and their obligations fairly enforced.
The summit advanced the goals of the African Chief Justices Alternative Dispute Resolution Forum (ACJADRF) to harmonize jurisprudence and establish common enforcement standards across the continent.
The CJN was, on the last day of the summit, nominated by the Chief Justice of Kenya as the Vice Chairperson of the Africa Chief Justice ADR Forum with effect from August 1, 2026. The nomination was ratified by the forum.
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