Nigeria’s global aviation compliance score has seen a significant improvement following the signing of the Administrative Rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization (IDERA). This was disclosed by the Minister of Aviation and Aerospace Development, Festus Keyamo who spoke during the commissioning of the Juhi-2 Aviation Fuel Depot at Murtala Muhammed International Airport (MMIA), Lagos.
The minister credited the recent progress to steps taken by the government, including the signing of the Cape Town Convention Practice Direction, which propelled Nigeria’s rating from 49% to 70.5% in just a month.
The new rating which placed the country in the ‘high category’, according to a statement by the special adviser to the Minister, Tunde Moshood, was announced on Wednesday by the Aviation Working Group (AWG).
This development, he said, marks Nigeria’s official removal from the AWG’s watch list of non-compliant countries.
The AWG, in a communication to Keyamo, confirmed that the signing of the IDERA concludes Nigeria’s compliance process, unlocking numerous opportunities for the country’s aviation sector.
This milestone, the statement noted, is expected to open new avenues for aircraft financing and dry-leasing for Nigerian airline operators, ensuring greater access to aircraft leasing markets globally.
It added that the resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public.