Nigeria Signs Aviation Deal With AfDB

Nigeria has signed a Letter of Intent with the African Development Bank to strengthen aviation development across Africa under a broader continental integration framework.

The agreement was signed by the Minister of Aviation and Aerospace Development, Festus Keyamo, during a dialogue session with the President and Governors of the AfDB in Brazzaville, Congo, on Thursday.

According to a statement by the minister’s Special Adviser on Media and Communications, Tunde Moshood, Keyamo attended the meeting as the African Champion of the Integrated Aviation Transformation Programme of the AfDB.

He highlighted opportunities within the bank’s proposed $7 billion aviation programme, noting its potential to expand infrastructure, financing, and operational capacity across African aviation markets.

“The Minister unveiled President Bola Ahmed Tinubu’s Renewed Hope Agenda for the Aviation sector and rolled out the potentials of the sector, especially the newly approved Nigeria Aircraft Leasing Company and why the Bank should mobilise capital to support it,” the statement read.

Keyamo explained that Nigeria has undertaken regulatory reforms to attract aviation investment, including domestication of the Cape Town Convention, updates to the Irrevocable Deregistration and Export Request Authorisation framework, and changes to aviation insurance policies.

He also positioned the proposed aircraft leasing company as a model that could be replicated by other African countries to improve access to aircraft financing and reduce operational costs for airlines.

The statement added that the President of the African Development Bank expressed support for the initiative and pledged commitment to its implementation in Nigeria and across Africa.

It further noted that Keyamo presented Nigeria’s Country Compact for the aviation sector as part of broader efforts to align national reforms with continental aviation development goals.