Nigeria has officially signed the Cape Town Convention (CTC) practice direction, enabling domestic airlines to access aircraft on dry lease.
The signing took place at the presidential villa in Abuja, overseen by Vice-President Kashim Shettima, and attended by aviation stakeholders, including Air Peace Chairman, Allen Onyema.
The CTC aims to enhance asset-based financing and leasing of aviation equipment, such as aircraft, offering more funding opportunities and reducing costs for Nigerian airlines.
John Tsoho, chief judge of the federal high court, signed the practice direction, marking a key step toward making the treaty operational in Nigeria.
This development is expected to lower flight rates for passengers and boost investor confidence in the aviation sector.
Related News: Nigeria’s aviation sector is in a dire situation, according to Prof. Obiora Okonkwo, CEO of United Nigeria Airline.
Dry leasing allows airlines to lease aircraft without crew, with operational responsibilities handled by the lessee.
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