Nigeria Gains Lessors’ Confidence, Says United Nigeria COO

Nigeria is no longer blacklisted by global aircraft lessors, improving leasing opportunities for the country’s airlines, according to Osita Okonkwo, Chief Operating Officer of United Nigeria Airlines (UN, Enugu).

Speaking to Punch and The Daily Times, Okonkwo emphasized that leasing conditions have improved, allowing Nigerian airlines better access to aircraft. “The important thing is that Nigeria is no longer on the blacklist. Nigeria was blacklisted before, but that is sorted,” he stated.

The shift follows Nigeria’s full implementation of the Cape Town Convention (CTC) under Aviation Minister Festus Keyamo. In September 2024, Nigeria signed CTC practice directions, making the convention fully operational in the country. This move is expected to reduce airline operational costs, ease insurance expenses, restore investor confidence, and facilitate dry leasing for domestic carriers.

The Cape Town Convention standardizes aircraft leasing and financing, ensuring clear legal protections for lessors and financiers.

Okonkwo also referenced the Boeing Lessors Forum in Dublin (January 2025), where Boeing announced a plan to assist Nigerian airlines in securing adequate insurance coverage through partnerships with financially stable lessors and global financiers.

With these improvements, Nigerian carriers can now access better leasing terms, ensuring greater fleet expansion and stability in the country’s growing aviation sector.

Related News: https://airguide.info/category/air-travel-business/airline-finance/

Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com