NIGERIA’S AVIATION SCORE ON CTC COMPLIANCE INDEX HITS 75.5%, COUNTRY EXITS WATCHLIST

PRESS RELEASE

Thursday, October 17th, 2024

Abuja, Nigeria

NIGERIA’S AVIATION SCORE ON CTC COMPLIANCE INDEX RISES TO 75.5%, COUNTRY REMOVED FROM WATCHLIST

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).

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% to 75.5%, placing the country in the ‘high category.’ This development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries.

The AWG, in a communication to Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo SAN, 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.

Attached is the official communication from the AWG to Minister Festus Keyamo SAN, confirming Nigeria’s compliance status.

Tunde Moshood
Special Adviser to the Honourable Minister of Aviation and Aerospace Development