Nigeria’s aviation rises to 75.5% on CTC Compliance Index – Minister

The Minister of Aviation and Aerospace Development, Festus Keyamo, says Nigeria’s global aviation compliance score has witnessed 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 (IDERA).

The Minister made this known in a statement released by his Special Adviser, Tunde Moshood, on Thursday October 17, 2024.

The statement informed that the Aviation Working Group (AWG) announced on Wednesday October 16 that Nigeria’s score on the Cape Town Convention (CTC) Compliance Index has been increased from 70.5% to 75.5%, placing the country in the ‘high category.’ This development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries.

According to a statement, “the AWG, in a 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.”