Nigeria has signed a Letter of Intent with the African Development Bank to strengthen aviation development efforts across the continent.
The agreement was signed on Thursday in Brazzaville, Congo, by the Minister of Aviation and Aerospace Development, Festus Keyamo, who represented Nigeria during a meeting with the President and Governors of the AfDB.
According to a statement issued by the minister’s Special Adviser on Media and Communications, Tunde Moshood, Keyamo attended the meeting as the African Champion of the AfDB’s Integrated Aviation Transformation Programme.
During the dialogue session, the minister highlighted the opportunities available under the bank’s $7bn aviation initiative for both Nigeria and other African countries.
“The Minister unveiled President Bola Ahmed Tinubu’s Renewed Hope Agenda for the Aviation sector and rolled out the potentials of the sector, especially the newly approved Nigeria Aircraft Leasing Company and why the Bank should mobilise capital to support it,” the statement read.
Keyamo explained that Nigeria’s aviation reforms could provide a framework for other African nations, noting that the country had already introduced measures to support the programme.
These include the domestication of the Cape Town Convention, improvements to the Irrevocable Deregistration and Export Request Authorisation system, as well as reforms in aviation insurance policies.
The statement added that the President of the African Development Bank expressed support for the initiative and assured Nigeria of the bank’s commitment to the programme’s implementation across the continent.
It also noted that Keyamo presented Nigeria’s Country Compact for the aviation sector during the meeting.