Aircraft leasing companies worldwide have placed Nigerian carriers on a blacklist due to past breaches in contracts. This development has significantly impacted the operations of local airlines, making it challenging for them to compete effectively with foreign carriers on international routes.
This information was revealed by Festus Keyamo, the Minister of Aviation and Aerospace Development, during an interview at the Air Peace Lagos-London inaugural flight ceremony held at the Murtala Muhammed International Airport, Lagos on Friday.
He stated, “There is no airline in the world that buy their fleet 100 percent. It is not possible. Statistics says that out of a 100 aircraft flying around the world, about 70 percent of those aircraft are on dry lease from leasing companies and from aircraft manufacturers. So, why can’t we take advantage of these lease arrangements to empower our local operators?
“This is the key to also servicing these international routes because you cannot compete with someone who has access to aircraft on better terms than you do who will go for wet lease aircraft. The wet lease arrangements are very expensive. What we are trying to do is to ensure we support our local operators to have access to these lease arrangements like what Air Peace is doing today and that is what we can start to use to crash prices on international routes, ” the Aviation Minister explained.
