Aviation Boost: Nigeria's Rating Rises to 75.5%, Meets Global Standards

Nigeria's Aviation Rating Hits 75.5%

“Nigeria's global aviation compliance score has seen a significant improvement following the signing of...”

Nigeria's Aviation Sector Takes Off: CTC compliance score jumps to 75.5%, enhancing llight frequency, routes & ticket prices.

Nigeria's aviation sector has achieved a significant milestone, with its Cape Town Convention (CTC) compliance index score improving from 70.5% to 75.5%. This upgrade is a testament to the country's commitment to adhering to international standards in aviation.

The CTC compliance index evaluates how well countries implement the Convention on International Interests in Mobile Equipment and Aircraft Protocol. Nigeria's improved score indicates its progress in meeting these commitments. According to Festus Keyamo, Minister of Aviation and Aerospace Development, this achievement means Nigeria is officially off the Aviation Working Group's (AWG) non-compliance watchlist.

Implications of Nigeria's Improved CTC Score:

Enhanced Aviation Credibility: Nigeria's upgraded score boosts its reputation in the global aviation community.

Increased Investment Opportunities: The country becomes more attractive to international aviation financing and leasing companies.

Improved Safety Standards: Adherence to CTC protocols enhances safety in Nigeria's aviation sector.

This development is a result of concerted efforts by the Nigerian government to address previous compliance issues. The signing of the CTC practice direction on September 12 by John Tsoho, Chief Judge of the Federal High Court, was a crucial step towards achieving this improved score.

“Nigeria's global aviation compliance score has seen a significant improvement following the signing of the Administrative Rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization, IDERA,” he said.

“The Aviation Working Group, AWG, announced yesterday that Nigeria's score on the Cape Town Convention, CTC, Compliance Index has been increased from 70.5 percent to 75.5 percent, placing the country in the 'high category.”

The Aviation Working Group (AWG) notified Minister Festus Keyamo that signing the Irrevocable De-Registration and Export Request Authorization (IDERA) completes Nigeria's compliance process, unlocking vast opportunities for the nation's aviation sector.

“This milestone is expected to open new avenues for aircraft financing and dry- leasing for Nigerian airline operators, ensuring greater access to aircraft leasing markets globally,” the statement reads.

Nigeria's aviation sector is poised for significant growth, thanks to the federal government's recent efforts. The Minister of Aviation and Aerospace Development announced that the country's improved compliance with the Cape Town Convention (CTC) will greatly benefit the Nigerian public. This development is expected to enhance flight frequency, broaden serviced routes, and reduce ticket prices.

The CTC compliance index score jumped from 49% to 70.5% after the federal government signed the practice direction on September 12. This signing allows domestic airline operators to access aircraft on dry leases, a move that has earned Nigeria recognition as a safe environment for aircraft leasing from the Aviation Working Group (AWG). With this new status, Nigeria's aviation industry is likely to attract more international investment and financing options.

Benefits of Improved CTC Compliance:

Increased Flight Frequency: More flights available to meet growing demand

Expanded Route Network: Broader service routes to connect Nigeria to global destinations

Lower Ticket Prices: Competitive pricing due to reduced costs and increased efficiency

Enhanced Aviation Credibility: Nigeria's reputation boosted in the global aviation community

Improved Safety Standards: Adherence to CTC protocols enhances safety in Nigeria's aviation sector.