The Federal Executive Council (FEC), presided over by President Bola Tinubu, has approved the establishment of the Nigeria Aircraft Leasing Company.
This was disclosed in a statement by the Minister of Aviation and Aerospace Development, Festus Keyamo, following the FEC meeting held on Friday.
According to the statement, the new company will operate as a Special Purpose Vehicle (SPV) that is privately funded and commercially run, with no direct financial burden on the Federal Government. However, it will benefit from strategic government backing.
Keyamo explained that the government’s role will be limited to providing sovereign guarantees to international aircraft lessors and manufacturers. This is expected to strengthen confidence among investors by securing asset repossession and reducing investment risks.
He added that the Federal Government, through the Ministry of Finance Incorporated (MOFI), will hold equity in the company.
The initiative is designed to facilitate the acquisition and leasing of aircraft globally for use by Nigerian airline operators. It will also allow local airlines to access aircraft through a single, credible leasing platform supported by sovereign guarantees.
Keyamo said the approval aligns with the Tinubu administration’s broader agenda to boost private sector participation, strengthen infrastructure, and position Nigeria as a major aviation hub in Africa.
He described the initiative as a strategic intervention aimed at stimulating growth in the aviation sector, creating jobs, and ensuring long-term sustainability.
According to him, the establishment of the Nigeria Aircraft Leasing Company marks a significant step toward strengthening the aviation value chain, improving regional connectivity, and enhancing Nigeria’s competitiveness in the global aviation industry.
