The Minister of Aviation and Aerospace Development, Festus Keyamo, has pledged the government’s commitment to addressing the challenges hindering their operations.
Speaking at the inaugural event for the Air Peace Lagos-London flight over the weekend, Minister Keyamo emphasized the need for proactive measures to support domestic carriers in accessing long-term aircraft leases at competitive rates, aligning with global industry standards.
Keyamo highlighted the significance of enabling Nigerian airlines to easily secure long-term leasing agreements and reducing the cost of aircraft insurance, considering these as critical performance measures for his ministry.
He expressed concern over the difficulties faced by local operators in servicing international routes and leveraging Bilateral Air Service Agreements (BASAs) to their advantage.
The minister underscored the importance of BASAs, which are mutual agreements allowing airlines from one country to operate flights to another country while reciprocally permitting airlines from the latter country to do the same.
However, he noted the challenges Nigerian airlines encounter in fully capitalizing on these agreements due to political factors and disparities in aircraft leasing terms.
Keyamo explained the need to empower Nigerian carriers by providing access to aircraft leases on terms similar to those enjoyed by international airlines.
He pointed out that a significant portion of the global aircraft fleet operates under leasing arrangements, highlighting the potential for Nigerian airlines to benefit from such agreements.
“We cannot compete effectively on international routes if our airlines do not have access to aircraft on favorable terms,” Keyamo remarked. “By leveraging leasing arrangements, we can empower our local operators and enhance their competitiveness in the global aviation market.”
The minister’s commitment to addressing the challenges facing Nigerian airlines on international routes signals a proactive approach by the government to support the aviation sector’s growth and development.
With measures aimed at facilitating access to aircraft leases and reducing operational costs, Nigerian carriers stand to gain greater traction in the fiercely competitive international aviation landscape.
