Airline operators reveal why aircraft manufacturers removed Nigeria from blacklist

• Nigeria has been removed from the blacklist of countries unable to acquire or lease new aircraft
• The chief operating officer of United Airlines Limited, Osita Okonkwo announced that the move allows operators to lease aircraft
• He said it was challenging for Nigerian airline operators to negotiate and successfully secure aircraft leasing in the past

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The chief operating officer of United Airlines, Osita Okonkwo, has revealed that Nigeria is no longer blocked in the global aviation leasing market.

The development paves the way for Nigerian airlines to access aircraft leasing opportunities.

Air Peace Chairman, Allen Onyema, gets ready as Nigeria is removed aircraft leasing blacklist. Credit: Air Peace
Source: UGC

Air Peace, Max Air and others to get new planes

He said that while Nigeria has been removed from the list, issues have been resolved, and individual operators can now negotiate directly with lessors to secure aircraft.

Okonkwo said:

“So, individual operators, we now have to discuss flying the aircraft, discuss with lessors, meet their conditions, and then sign on the dotted lines.”

United Airlines COO said the West African country was earlier seen as a high-risk market, which made it challenging for airlines to lease aircraft, stressing that with the improved rating, operators can breathe a sigh of relief.

He disclosed that it was almost impossible to do business with the Nigerian aviation industry and operators in the past.

Aircraft leasing: Nigeria takes important steps 

Experts believe the development would ease aircraft leasing and acquisition for Nigerian airlines, boosting Nigeria’s aviation industry and operations.

Tunde Moshood, an aide to the Minister of Aviation and Aerospace Development revealed that the process of acquiring an aircraft is not easy, saying that the process is a complex one.

Individual airlines to negotiate for aircraft leasing as Nigeria is now removed from the blacklist. Credit: NurPhoto/Contributor
Source: Getty Images

Moshood disclosed that Nigeria’s participation in the Boeing Lessors Forum has boosted its rating in the global aviation industry.

According to him, Nigeria’s signing of the Cape Town Convention was also instrumental in the removal.

Punch reports that Moshood said that the Airline Operators of Nigeria (AON) had discussed with leasing firms, opening ways for possible deals.

“Also, the major takeaway is that we have one of our side meetings, a meeting with Afreximbank. We are getting 25 aircraft on dry lease, and the minister has also cajoled them and said, even though they said it’s for all Africans, they have conceded that we will get a chunk of it,” he said.

Air Peace shares actual cost of one-hour flight

Legit.ng earlier reported that Air Peace, Nigeria’s largest carrier, says the cost of operating a one-hour flight surpasses N14 million.

Oluwatosin Olajide, the airline’s chief operating officer, disclosed this, saying that N7 million is needed to buy 4,000 litres of aviation fuel sold at N1,400 per litre in Nigeria.

According to her, for the aircraft, crew, maintenance, and insurance (ACMI), Air Peace spends about $4,000 for a one-hour flight.

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Source: Legit.ng