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By Godswill Michael
Nigeria and the African Development Bank (AfDB) have signed a Letter of Intent (LOI) aimed at advancing aviation transformation initiatives across the country and the African continent.
The agreement was signed on Thursday in Brazzaville, Congo, during a high-level dialogue session involving the President and Governors of the AfDB, attended by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, SAN.
Keyamo, who recently emerged as the African Champion of the Integrated Aviation Transformation Programme (IATP) of the AfDB, used the occasion to present the opportunities embedded in the Bank’s proposed $7 billion aviation programme for Africa, with particular emphasis on Nigeria’s aviation sector.
According to a statement issued by the Minister’s Special Adviser on Media and Communications, Tunde Moshood, Keyamo outlined President Bola Tinubu’s Renewed Hope Agenda for the aviation industry and highlighted ongoing reforms designed to attract investment and improve sectoral competitiveness.
“The Minister unveiled President Bola Ahmed Tinubu’s Renewed Hope Agenda for the Aviation sector and rolled out the potentials of the sector, especially the newly approved Nigeria Aircraft Leasing Company and why the Bank should mobilise capital to support it,” the statement said.
Keyamo noted that the proposed aircraft leasing company could serve as a model for other African countries seeking to strengthen their aviation industries.
He told the AfDB leadership that Nigeria had already undertaken critical reforms to support the initiative, including the domestication of the Cape Town Convention, updates to the Irrevocable Deregistration and Export Request Authorisation (IDERA), and a review of aviation insurance policies to align with international standards.
According to the statement, the President of the AfDB expressed satisfaction with Nigeria’s presentation and pledged support for the successful implementation of the Integrated Aviation Transformation Programme in Africa, particularly in Nigeria.
“After the session, the Minister unveiled the Country Compact for Nigeria’s Aviation sector and proceeded to a signing ceremony of a Letter of Intent between the Bank and the Federal Republic of Nigeria, where both sides committed to work assiduously to operationalise the Bank’s laudable programme for aviation in Africa,” the statement added.
The Integrated Aviation Transformation Programme is an AfDB-backed initiative targeted at improving aviation infrastructure, connectivity, financing and operational standards across African countries.