Nigeria has exited the watchlist of the Aviation Working Group, having increased from its initial 70.5 per cent rating to 75.9 per cent, the Minister of Aviation and Aerospace Development, Festus Keyamo, has said.
He disclosed this at the inauguration of the Joint User Hydrant Installation 2 in Lagos on Thursday.
In September after the Cape Town Convention on the dry-leasing of aircraft was put into full compliance, Nigeria’s aviation rating soared from 49.5 per cent to the initial 70.5 per cent.
On Thursday, Keyamo said the request to sign the required documents to boost the confidence of aviation financiers and lessors in the country had been left unattended for 10 years.
He, however, added that with the Juhi 2 aviation fuel depot of 15,000,000 litres carriage capacity, the industry has also complied with another International Civil Aviation Organisation regulation.
The Nigeria Civil Aviation Authority recently signed an updated Irrevocable Deregistration and Export Request Authorisation document advisory, an administrative rule that empowers the NCAA to deregister and export aircraft that are registered in Nigeria.
Speaking in Lagos, Keyamo said, “It is a major eye-opener, it is also a market-opener for the aviation sector, especially the Nigerian aviation sector around the world. They can then go globally and assess the world of aircraft financing and aircraft leasing across the world. We were actually on a blacklist before.
“Before now, we were at 49.5, which was a non-compliant figure. We were on that belt before. We moved up to 70.5, which was a compliant belt, but still on the watchlist.
“But now, we are 75.5 per cent, we are completely off the watchlist. And the Aviation Working Group, co-chaired by Boeing and Airbus, said this is a high score.
They termed it a high score for the country, and it matches the score that you see that most of the big nations in the world who assess big aircraft financing currently have.”
A statement issued on Thursday by the Special Adviser to the Minister of Aviation, Tunde Moshood, corroborated the position of Keyamo.
It read, “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.
“The Aviation Working Group announced yesterday that Nigeria’s score on the Cape Town Convention Compliance Index has been increased from 70.5 to 75.5 per cent, placing the country in the ‘high category.’ This development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries.
“The AWG, in communication to Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, 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 resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public.”
Also speaking at the event in Lagos on Thursday, the Chief Executive Officer of Masters Energy Oil and Gas, who is also the Chairman of JUHI 2 Limited, Patience Dappa, appreciated Keyamo’s presence, saying the commissioning of the storage facility was borne from a shared commitment to advance the aviation industry through collaboration, innovation and unwavering dedication to excellence.
She explained that a decade ago “a consortium of forward-thinking companies—Eterna Plc, Masters Energy Oil & Gas, Techno Oil & Gas, Rahamaniyya Oil & Gas, Ibafon Oil, and First Deep Water Limited—came together to embark on this ambitious journey: the construction of a world-class aviation fuel storage facility.
“Along the way, we encountered challenges, but through resilience, partnership, and an unyielding focus on our shared goal, we now stand here today to celebrate the fruition of that vision.
“The commissioning of the JUHI-2 depot is not just the conclusion of an infrastructural project; it is a testament to our shared belief in excellence and innovation in aviation fuel management. As the largest airside jet fuel depot in Nigeria, this facility spans 46,000 square meters and boasts an impressive storage capacity of 15 million litres of Jet A1 fuel.”
