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Nigeria to Receive First Dry-Lease Aircraft on October 6, 15 Years After Blacklist

Nigeria to Receive First Dry-Lease Aircraft on October 6, Ending 15-Year Blacklist
Nigeria is poised to receive its first dry-leased aircraft on October 6, 2025, marking a significant milestone after more than 15 years of exclusion from such leasing arrangements. This announcement was made by Festus Keyamo, Minister of Aviation and Aerospace Development, during the inauguration of Air Peace’s new Maintenance Repair Overhaul (MRO) facility at Murtala Muhammed Airport in Lagos.
Government Reforms and Industry Impact
Minister Keyamo emphasized that recent reforms implemented by the Federal Government are beginning to bear fruit, particularly in enabling Nigerian airlines to access more affordable aircraft financing through dry-lease agreements. He underscored the government’s commitment to supporting private sector growth, stating that the intervention extends beyond Air Peace to benefit other Nigerian carriers as well. Notably, Keyamo revealed that he personally provided a guarantee letter to facilitate the dry-lease arrangement for the national flag carrier.
A dry lease involves the provision of an aircraft without crew, maintenance, or insurance, placing responsibility for these operational aspects on the lessee. This leasing model offers airlines greater operational control and can be a cost-effective solution for carriers equipped with the necessary infrastructure and long-term strategic plans.
Overcoming Historical Challenges and Regulatory Advances
Nigeria’s re-entry into the dry-lease market follows a prolonged period of blacklisting, which stemmed from a history of defaults on lease agreements, difficulties in securing offshore insurance, limited local financial capacity, and a complex regulatory environment. These factors contributed to a high-risk perception among lessors, effectively barring Nigerian airlines from dry-lease opportunities for over a decade.
The situation began to improve last year when Nigeria fully complied with the Cape Town Convention on aircraft leasing by signing the Practice Direction. This compliance enhanced the country’s global aviation rating from 70.5 to 75.5 points and led the Aviation Working Group—co-chaired by Boeing and Airbus—to remove Nigeria from its watchlist. These developments have restored confidence among international lessors and signaled a more secure and attractive environment for aircraft leasing.
Future Prospects and Industry Challenges
Despite these positive strides, Nigeria faces several challenges as it prepares to welcome its first dry-leased aircraft. The government and industry stakeholders must ensure the establishment of robust regulatory frameworks to uphold safety and compliance standards. Additionally, the sector must address potential competition from established airlines and invest in the necessary infrastructure to support the expanding fleet.
The introduction of dry-leased aircraft is expected to stimulate increased interest from both domestic and international investors in Nigeria’s aviation sector. This renewed attention may prompt existing airlines to upgrade their fleets and services to maintain competitiveness, particularly as carriers such as United Nigeria Airlines pursue expansion.
The government’s proactive role is widely regarded as a crucial step toward revitalizing Nigeria’s aviation industry, fostering growth, and encouraging modernization. As the October 6 arrival date approaches, industry observers remain attentive to how these developments will influence the competitive landscape and attract broader investment in the sector.

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