Festus Keyamo, minister of aviation and aerospace development, says Nigeria’s score on the Cape Town Convention (CTC) compliance index has been increased from 70.5 percent to 75.5 percent.
The CTC compliance index monitors and assesses compliance by contracting states to the Convention on International Interests in Mobile Equipment and Aircraft Protocol (the CTC) with their respective undertakings.
In a statement on Thursday by Tunde Moshood, Keyamo’s special adviser, the minister said the development marks Nigeria’s official removal from the aviation working group (AWG’s) watchlist of non-compliant countries.
“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),” he said.
“The Aviation Working Group (AWG) announced yesterday that Nigeria’s score on the Cape Town Convention (CTC) Compliance Index has been increased from 70.5% to 75.5%, placing the country in the ‘high category.”
According to the statement, in a communication to Keyamo, the AWG confirmed that the signing of the IDERA “concludes Nigeria’s compliance process, unlocking numerous opportunities for the country’s aviation sector”.
“This milestone is expected to open new avenues for aircraft financing and dry-leasing for Nigerian airline operators, ensuring greater access to aircraft leasing markets globally,” the statement reads.
The minister said the development would positively impact the Nigerian public by increasing flight frequency, expanding serviced routes, and lowering ticket prices.
On September 12, the Nigerian government had officially signed the Cape Town Convention (CTC) practice direction to enable domestic airline operators to access aircraft on dry lease.
Following the signing, the AWG increased Nigeria’s CTC compliance index score from 49 percent to 70.5 percent — implying that the country is considered safe for aircraft leasing by the aviation body.
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