Nigeria receives first dry lease aircraft in decades

Nigeria has received a dry-leased aircraft from AerCap Holdings, a leasing company.

Air Peace is the first Nigerian carrier to benefit from the lease, with other domestic airlines expected to follow soon.

On September 17, Festus Keyamo, minister of aviation and aerospace development, said Nigeria will receive its first set of dry lease aircraft on October 6.

In a post on X on Friday, Gbenga Saka, special adviser on digital media to the minister of aviation and aerospace development, said the development aligns with President Bola Tinubu’s directive to liberalise the aviation sector and the reform agenda of the minister.

Saka said the dry lease aircraft is the first in over 10 years.

“For the first time in over 10 years, Nigeria has received a dry-leased Boeing 737-700 aircraft from Aercap Holdings @aercapholdings @AerCapNV  , the world’s largest aircraft leasing company, with @flyairpeace  as the first beneficiary with others in process,” the post reads.

“This milestone, driven by the Hon. Minister of Aviation and Aerospace Development, @fkeyamo , stems from the signing of the Cape Town Convention (CTC) and IDERA in 2024 — key reforms under President Bola Ahmed Tinubu’s #RenewedHopeAgenda that boosted Nigeria’s global aviation score from 49% to 75%, surpassing several advanced countries.”

He added that as more dry-leased aircraft enter the country, insurance costs are expected to decline, paving the way for lower airfares.

“This marks the beginning of renewed hope investor confidence, competitiveness, and affordable air travel for Nigerians,” Saka said.

‘AIRCRAFT ARRIVAL NEW ERA OF CONFIDENCE IN AVIATION SECTOR’

In a statement on Saturday, Tunde Moshood, special adviser on media and communications to the minister, said Keyamo unveiled the newly arrived Air Peace dry-lease aircraft at the Murtala Muhammed Airport (MMA1) terminal complex in Lagos.

The minister was accompanied by Chris Najomo, director-general of the Nigerian Civil Aviation Authority (NCAA), Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN), and other aviation stakeholders.

Keyamo commended Air Peace for its commitment to the growth of Nigeria’s aviation sector, describing the aircraft’s arrival as a “new era of confidence” in Nigeria’s aviation sector.

“We went for the best, we went for AerCap. We were bold enough to start speaking with AerCap, and I want to thank them for trusting and believing in us,” he said.

He reaffirmed the government’s commitment to building trust and institutional capacity that supports airline operations.

The minister added that the government has enacted and implemented key legislative and policy reforms to ensure a safe and business-friendly environment for aircraft leasing and operations.

In his remarks, Allen Onyema, chairman of Air Peace, expressed gratitude to the president and Keyamo for their leadership and support for indigenous airlines.

According to the statement, the unveiling of the Air Peace dry-leased Boeing 737-NG marks both the airline’s continued growth and a revival of investor confidence, reflecting the policy-driven reforms of the Tinubu administration’s renewed hope agenda for the aviation sector.