The Federal Executive Council, presided over by President Bola Tinubu, has approved the establishment of the Nigeria Aircraft Leasing Company.
A statement by Minister of Aviation and Aerospace Development, Festus Keyamo, said this significant development followed the conclusion of the Federal Executive Council (FEC) meeting held on Friday.
According to him, the company will be an incorporated Special Purpose Vehicle that will be fully privately funded, commercially operated, and impose no obligation on the Federal Government to invest, but will enjoy strategic government backing.
The government’s primary function will be to provide sovereign guarantees to international lessors and manufacturers, offering security for asset repossession and reducing perceived risks for investors.
“And for this, the government holds equity through the Ministry of Finance Incorporated (MOFI)”, he said, noting that the aim of the company is to act as an SPV for the acquisition or leasing of aircraft globally for the use of local operators.
In terms of operational capacity, Keyamo noted that the project will afford local airlines the option to further lease these aircraft locally through a single credible entity with sovereign backing.
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Keyamo emphasised further that this approval aligns with the broader vision of the Tunubu administration to deepen private sector participation, improve infrastructure, and position Nigeria as a leading aviation hub on the continent.
“This is not just a policy decision; it is a strategic intervention aimed at unlocking growth, creating jobs, and ensuring long-term sustainability in our aviation ecosystem,” he added.
“The establishment of the Nigerian Aircraft Leasing Company represents a bold step toward strengthening the aviation value chain, fostering regional connectivity, and enhancing Nigeria’s competitiveness in the global aviation market,” he concluded.
