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), the Nigeria’s score on Cape Town Convention (CTC) Compliance Index has increased from 70.5% to 75.5%.
The Special Adviser to the Minister of Aviation and Aerospace Development, Tunde Moshood who made this known in a press release disclosed that the Aviation Working Group (AWG) made the announcement recently and this has placed the country in the ‘high category.’
“This development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries” he noted.
According to Moshood, the AWG, in a communication to Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo , confirmed that the signing of the IDERA concludes Nigeria’s compliance process, unlocking numerous opportunities for the country’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 resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public.” he wrote.
