Afreximbank to help Nigerian airlines access dry lease aircraft

Afreximbank has announced plans to support Nigerian airlines in gaining access to dry lease aircraft, a move expected to provide a significant boost to the aviation sector in the country. This partnership aims to alleviate some of the financial constraints faced by Nigerian airlines, which often struggle with high operational costs and limited access to financing for fleet expansion or upgrades.

Dry leasing involves leasing an aircraft without the provision of crew, maintenance, or insurance, allowing airlines to manage their operations more flexibly and with less financial outlay compared to purchasing new aircraft. This arrangement could prove to be a game-changer for Nigerian carriers, enabling them to expand their fleets, meet increasing demand for air travel, and improve operational efficiency without the burden of large upfront costs.

The initiative comes as part of Afreximbank's broader effort to promote economic development and trade within Africa. By making aircraft leasing more accessible to Nigerian airlines, Afreximbank is not only helping to improve the aviation infrastructure in Nigeria but also contributing to the overall growth of the African aviation industry, enhancing regional connectivity, and supporting intra-Africa trade.

This move is especially significant considering the ongoing challenges faced by the Nigerian aviation industry, such as rising fuel prices, foreign exchange volatility, and a lack of domestic aircraft manufacturing capacity. Access to dry lease aircraft will allow Nigerian airlines to diversify their fleets, enhance their competitiveness, and provide better services to travelers.

Afreximbank's support will likely have long-term benefits for the industry, fostering more sustainable growth and creating new opportunities for the Nigerian economy. By improving the capacity of local airlines, the initiative could also play a key role in boosting tourism and trade across the continent.