Festus Keyamo (SAN), Minister of Aviation and Aerospace Development, announced that Nigeria will receive its first dry lease aircraft on October 6, 2025, marking the first such delivery in nearly two decades. The milestone, facilitated by Air Peace, follows Nigeria’s removal from a global blacklist due to the implementation of the Cape Town Convention. Keyamo revealed this during the groundbreaking ceremony for Air Peace’s Maintenance, Repair, and Overhaul (MRO) facility at Murtala Muhammed International Airport (MMIA) in Lagos.
Keyamo explained that, unlike wet leases, which have dominated Nigeria’s aviation sector for the past 20 years and driven up ticket prices due to high maintenance and overhead costs, dry leases signify restored confidence in Nigeria’s aviation ecosystem. “This is the first time we are going to have a dry lease. They are giving you your plane. Control it yourself. I wrote a personal guarantee for Air Peace to secure this dry lease, putting my reputation on the line,” he said.
Highlighting the significance of Air Peace’s new MRO facility, Keyamo noted it would curb capital flight and save significant foreign exchange. He estimated that Air Peace alone spends N180 billion annually on aircraft maintenance abroad, with other airlines contributing to substantial outflows. “With this facility, we will keep that money in Nigeria and attract foreign inflows. There are no robust MROs in West or Central Africa capable of handling wide-bodied aircraft, making this a game-changer,” he added. The facility, supported technically by Embraer following President Bola Tinubu’s visit to Brazil, will position Nigeria as a regional hub for aircraft maintenance.
Keyamo emphasized the government’s commitment to supporting local airlines, stating that fostering their growth is central to his mandate. He urged commercial banks to re-engage with the aviation sector, assuring them of the sector’s recalibration and the safety of financing aircraft acquisitions. “No sector can grow without the active support of financial institutions,” he said.
Additionally, Keyamo revealed that he has approved four new international routes for Air Peace—Italy, Canada, Paris, and Istanbul. He expressed concern that local carriers handle only about 5% of Nigeria’s international travelers and urged them to increase their capacity. The MRO facility, he noted, would reduce capital flight, create jobs for pilots, and attract foreign exchange, further strengthening Nigeria’s aviation industry.
