Keyamo: How I Staked My Reputation to Secure First Dry Lease in 20 years

…Approves Direct Flights to Canada, Turkey, Others

By Yinka Giwa

Nigeria is set to receive its first dry lease aircraft in nearly two decades, a milestone that Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), says came only after he personally staked his reputation to back a local carrier.

Speaking at the groundbreaking ceremony of Air Peace’s maintenance hangar at the Murtala Muhammed International Airport (MMIA) in Lagos, Keyamo disclosed that the long-awaited breakthrough will be delivered on October 6.

For years, Nigerian airlines had been confined to wet leases — a costlier arrangement in which lessors provide not just the aircraft but also crew, maintenance, and insurance. Keyamo explained that this placed enormous burdens on operators and, ultimately, consumers through higher ticket prices and operating costs.

“This is the first time we are going to have a dry lease. Dry lease means confidence has returned to the Nigerian ecosystem,” the minister said. “They are giving you your plane; control it yourself. I wrote a personal guarantee for Air Peace to get that dry lease. I put my life and my reputation on the line.”

He credited the achievement to the country’s removal from the global blacklist following Nigeria’s compliance with the Cape Town Convention, which restored trust in its aviation sector.

Turning to Air Peace’s new Maintenance, Repair and Overhaul (MRO) facility, Keyamo stressed its significance in cutting foreign exchange losses and stemming capital flight. He revealed that Air Peace alone spends about N180 billion annually on overseas aircraft maintenance, funds that would now be retained in Nigeria.

“What this is going to save in terms of FX to this country is incredible. With this facility, we will keep the money here. We will also attract foreign inflows because no such MRO for wide-bodied aircraft exists anywhere in West or Central Africa,” he said.

He further noted that President Bola Tinubu’s recent official visit to Brazil had yielded dividends, with aircraft manufacturer Embraer agreeing to provide technical support for the project.

Keyamo underscored that his priority remains creating a fertile environment for local airlines to thrive, urging commercial banks to return to the aviation sector to support financing. He assured lenders that the recalibrated aviation ecosystem now guarantees returns on their investments.

The minister also disclosed that Air Peace had been approved to operate four new international routes — Italy, Canada, Paris, and Istanbul — as part of efforts to expand the footprint of Nigerian carriers.

Decrying the fact that local operators currently service only about five per cent of international travellers from Nigeria, Keyamo insisted that his ministry would continue to back indigenous airlines in order to correct the imbalance.