In a major leap for Nigeria’s aviation sector, the nation’s compliance rating under the Cape Town Convention (CTC) has surged dramatically. Following the recent signing of a new Practice Direction aimed at enhancing adherence to international standards for the dry-leasing of aircraft, Nigeria’s global aviation rating has risen from 49 to an impressive 70.5, marking the highest score ever achieved by the country.
This development comes after the Aviation Working Group, co-chaired by global aviation giants Boeing and Airbus, recognized Nigeria’s bold efforts to comply with the Cape Town Convention. The upgrade in Nigeria’s rating is expected to significantly boost confidence among global aircraft financiers and lessors, potentially attracting more investments into the country’s aviation industry.
The Honourable Minister of Aviation and Aerospace Development, in conjunction with his team, has been commended by the Aviation Working Group for the ‘time, effort, and skill’ they dedicated to this compliance initiative over the past few months. The Group further hinted at the possibility of additional increases in Nigeria’s rating in the coming weeks, contingent on further administrative adjustments by the Nigerian Civil Aviation Authority (NCAA) and actual application of the new Practice Direction by the country’s courts.
In response, the Minister has directed the NCAA to swiftly align its administrative rules, particularly the International Registry of Mobile Assets (IDERA), with the Convention’s stipulations. This alignment is anticipated to further strengthen the global confidence of financiers and lessors in Nigeria’s aviation sector.
The Aviation Working Group, headquartered in both London and New York, expressed their optimism in a correspondence received by the Ministry this evening. They emphasized that Nigeria’s continued progress will depend on the successful implementation of these new administrative rules and court practices.
Tunde Moshood, Special Adviser on Media and Communications to the Honourable Minister of Aviation and Aerospace Development, confirmed the release of the correspondence and other details from the Aviation Working Group.
This rapid improvement in Nigeria’s global aviation rating reflects the country’s commitment to positioning itself as a leading player in the global aviation market, fostering further growth and development in the sector.
