Judul : Airlines Already Benefiting From New Aircraft Leasing Policy - NCAA
link : Airlines Already Benefiting From New Aircraft Leasing Policy - NCAA
Airlines Already Benefiting From New Aircraft Leasing Policy - NCAA
The new aircraft leasing policy signed by the Minister of Aviation and Aerospace Development, Barr. Festus Kayamo, SAN, is already having positive impact. according to the Nigerian Aviation Civil Authority (NCAA).
Recall the minister had in October 2024 signed the implementation of Irrevocable De-registration and Export Request Authorization (IDERA) haven in September 2024 signed the Cape Town Convention (CTC).
Both protocols have the potential to crash the cost of leasing aircraft, increasing fleet capacity in Nigeria thus reducing flights cancellation in the medium to long term.
Speaking in Uyo, Akwa Ibom state, during a retreat for the Directorate of Air Transport Regulation (DATR), the Director of DATR at NCAA, Mrs Olayinka Babaoye-Iriobe, said already airlines have started benefiting from the policy, which over time would tackle the problem of flights cancellations mostly caused by shortage of aircraft in operations by airlines.
Mrs.. Babaoye-Iriobe explained that the policy removed Nigeria from the Cape Town Convention (CTC) index which was below 49 percentage.
'What the honorable minister, Barr. Festus Kayamo has done is to, look at the Cape Town Convention to try and revisit it. And then to sign up and implement the IDERA which removed Nigeria from the Cape Town Convention low index.
'Since he signed the IDERA and started implementing it, our CTC index skyrocketed. When it was on 49, it was difficult for our airline to access the leasing company. So they were leasing aircraft at a very high rate. All those things impact on fares.
'We've even implemented it with one of our airline. IDERA will make it easy because before the IDERA implementation, some of our airline, they will lease aircraft, when it is time, they might not be able to sustain payment of the lease rental' she emphasized.
'And then when the lessor now wants to re-take the plane from them, they will run to the court to get an injunction to hold. So that was painting Nigeria in a bad light. Now, he has removed that. If there's a default from the lessee, the lessor can come in and take the aircraft immediately, no question asked because we in NCAA, we will release it' she explained.
'So because my honorable minister of Aviation and Aerospace Development has done that, it has made Nigeria more amiable to the leasing company. At times, when you do certain things, the effect is not felt immediately' she said.
'But it will so that our operators will be able to access those aircrafts. Once they do, it will help this issue of lack of capacity because what is happening now is lack of capacity,' she stated.
The Director said from DATR's evaluation process, Nigerian airlines are viable and financially sound as the Directorate of Finance, Directorate of Air Transport carry out routine visits to airlines for economic and financial audit and help to rectify areas of weakness to ensure safety.'
Babaoye-Iriobe stated that the process of acquiring airline licences and renewal has become easy and accessible as long as the airline operator meet all the required regulation and requirements.
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