The Efforts of the Federal Government led by the Minister of Aviation and Aerospace Development, Festus Keyamo, in improving the compliance with the Cape Town Convention on Dry Leasing and signing its practice direction in Nigeria has started yielding results.
The Aviation Working Group Co-Chaired by Boeing and Airbus has as a consequence of the move adjusted Nigeria’s rating from 49 to 70.5.
This according to a press statement signed by the Spokesman to the Minister of Aviation and Aerospace Development, Tunde Moshood, is the highest score ever achieved by Nigeria.
The Statement adds that the potential for further increase in the rating score is high with the Nigerian Civil Aviation Authority expected to comply with the directive of the Minister to adjust its administrative rules.
The adjustment according to the statement will ensure its compliance with the Cape Town Convention to boost the confidence of investors and lessors around the world.
Read Full Statement Below…
PRESS RELEASE BY THE OFFICE OF THE HONOURABLE MINISTER OF AVIATION AND AEROSPACE DEVELOPMENT:
AFTERMATH OF CTC PRACTICE DIRECTION: NIGERIA’S GLOBAL RATING IMMEDIATELY GOES UP
In a swift response to Nigeria’s bold attempt to fully comply with the Cape Town Convention on dry-leasing of aircrafts by preparing and signing the Practice Direction, the Aviation Working Group (Co-chaired by BOEING AND AIRBUS) has today swiftly adjusted the global score/rating of Nigeria on our compliance status from 49 to 70.5. This is the largest score Nigeria has attained till date to give comfort to financiers and the leasing world. There is also potential for further increase in the next few weeks as the Minister has directed the NCAA to immediately adjust its administrative rules called IDERA to also fully align with the Convention to further boost the confidence of financiers and lessors across the world.
In an email received this evening, the Aviation Working Group in London and New York commended the Aviation Minister and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.
They also said they are poised for further increase the score once Nigeria adjust its administrative rules in the next few weeks and the courts ACTUALLY begin to apply the Practice Direction.
Find below the email and other correspondence from the Aviation Working Group.
Tunde Moshood
SA Media and Communications to the Honourable Minister of Aviation and Aerospace Development
Related posts:
Tennis : Lopez-Perez confirms rating as No. 1
Fitch gives unimpressive rating of Nigeria’s $300m diaspora bond
Three police officers, one naval rating injured in Kwara communal clash
FG faults TI-CPI rating, says not true reflection of Nigeria’s anti-corruption agenda
COVID-19 Vaccination: Nigeria will be on UK Govt rating – NPHCDA
INEC accuses PDP of refusal to pay for CTC of Documents
Imo Labour Party protest delay by INEC in releasing CTC of election documents
Aviation ministry working to regulate drone use
