Nigeria’s aviation industry has received a major boost, with its rating soaring to 70.5, thanks to the country’s full compliance with the Cape Town Convention on dry-leasing of aircraft. This significant increase is a result of the Nigerian government’s efforts to prepare and sign the Practice Direction for the Convention.
The Aviation Working Group, co-chaired by industry giants Boeing and Airbus, raised Nigeria’s compliance score from 49 to 70.5, the highest score the country has achieved to date. This improved rating is seen as a vote of confidence from international financiers and lessors in Nigeria’s aviation industry.
The Aviation Working Group commended the Nigerian Ministry of Aviation for its efforts, stating that they are poised for further increase in the score once Nigeria adjusts its administrative rules and the courts begin to apply the Practice Direction.
This development is a significant step forward for Nigeria’s aviation industry, which has faced challenges in the past due to its high-risk status. The country’s compliance with the Cape Town Convention is expected to make it easier for Nigerian airlines to access aircraft on dry lease, reducing costs and increasing efficiency.
Key Implications:
- Increased Access to Aircraft: Nigerian airlines will have better access to aircraft on dry lease, reducing costs and increasing efficiency.
- Improved Investor Confidence: The improved rating will boost investor confidence in Nigeria’s aviation industry.
- Reduced Costs: The country’s compliance with the Cape Town Convention is expected to reduce costs associated with aircraft leasing.
This is a positive development for Nigeria’s aviation industry, and it will be interesting to see how this impacts the industry’s growth and development in the coming months.
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