Nigeria has been officially removed from the global aviation leasing market’s blacklist, opening new opportunities for the country’s airline operators. This development was confirmed by Osita Okonkwo, Chief Operating Officer of United Nigeria Airlines, who emphasized that access to aircraft leasing has now improved significantly.
“The critical point is that Nigeria is no longer on the blacklist. We faced challenges in the past, but those issues have now been resolved,” Okonkwo stated.
While the country’s overall status has been restored, Okonkwo clarified that individual airline operators must still negotiate with lessors independently to acquire aircraft.
“Each airline must now engage directly with lessors, meet their specific conditions, and finalize agreements accordingly,” he explained.
Nigeria’s previous classification as a high-risk market had made it difficult for airlines to secure leases, limiting their operational capabilities. However, with the new rating, the outlook for operators has significantly improved.
“Risk assessment plays a major role. Previously, Nigeria was deemed extremely high-risk, deterring business activities. Now, with the improved rating, we anticipate more competitive pricing in aircraft leasing,” Okonkwo added.
Providing further insight into aircraft acquisition, Tunde Moshood, Special Adviser on Media and Communications at the Ministry of Aviation and Aerospace Development, noted that dry leasing an aircraft involves a complex process beyond simply purchasing a vehicle.
“Acquiring an aircraft entails multiple procedural and documentary requirements. It is far from a straightforward transaction like buying a car,” Moshood explained.
He also highlighted the impact of Nigeria’s participation in the Boeing Lessors Forum, which helped reintroduce the country to the global aviation market.
“This forum showcased Nigeria’s renewed commitment to fulfilling international leasing conditions. Agreements such as IDERA and the Cape Town Convention have reassured lessors, making Nigeria a more attractive market once again,” Moshood concluded.
