The Federal Government has unveiled new strategies aimed at ending the high mortality rate of Nigerian airlines and ensuring their survival through favorable policies and adherence to international aviation standards.
Vice President Kashim Shettima, represented by the Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Thursday at a conference in Abuja on implementing the Cape Town Convention and Aircraft Protocol.
Shettima acknowledged the struggles of domestic airlines over the past 40 years, stressing the need for long-term solutions.
“It behoves on us now in office to find out why they went under and how we can ensure that it does not happen again. We must introduce policies that ensure their survival. We can’t keep giving them money; instead, we must make the business environment conducive for them to thrive,” Shettima said.
He highlighted the importance of complying with the Cape Town Convention, describing it as a legal framework that fosters predictability and stability in aviation finance.
“This Convention has opened doors to increased investment and growth in aviation financing. It has enhanced our global standing and harmonized our legal systems with international standards,” the Vice President added.
Speaking as the Minister of Aviation, Festus Keyamo expressed his determination to rejuvenate the aviation sector by focusing on local operators.
“When I came to office, I saw the challenges facing our domestic operators. For the first time in the history of the aviation sector, we made it a focal point to support their growth and development,” Keyamo said.
He emphasized the need for collaboration among stakeholders, including government agencies like the Nigerian Customs Service and the Economic and Financial Crimes Commission, to ensure smooth implementation of the Cape Town Convention.
“We appeal to Customs and EFCC to work closely with the NCAA. It’s about the image of our country, not sectorial battles that have frustrated progress in the past,” he said.
The acting Director General of the Nigerian Civil Aviation Authority, Captain Chris Najomo, commended the federal government’s efforts, noting that the Cape Town Convention aligns with President Bola Tinubu’s Renewed Hope agenda.
“The benefits of these efforts are evident in Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index,” Najomo said.
He outlined the convention’s goals, including simplifying aircraft transactions and encouraging investments by protecting creditors’ rights.
“The Convention streamlines aircraft transactions and facilitates assets-based financing, reducing the cost of financing while protecting creditors’ rights,” he explained.
Keyamo called on stakeholders to seize the opportunity presented by the conference to shape a sustainable and competitive aviation industry.
“This is a call to action for all stakeholders to engage, deliberate, and contribute to shaping a dynamic aviation industry in Nigeria,” he said.
