Nigeria is facing a serious problem in its aviation sector, according to the Minister of Aviation and Aerospace Development, Festus Keyamo.
He explained that the country has too few airplanes, which is causing frequent flight cancellations and delays.
This shortage is also driving up the cost of air tickets, making it expensive for Nigerians to fly locally and internationally.
Keyamo made these revelations in an interview with BBC Pidgin on Saturday.
He assured the public that the government is working hard to address these issues and promised that solutions are on the way.
Aviation Woes Linked to Lack of Aircraft
Keyamo pointed to the lack of enough planes as the primary cause of flight cancellations.
He said that Nigerian airline operators are struggling to keep up with the demand because there are simply not enough planes to serve passengers.
“The money they pay to rent airplanes is too high,” Keyamo said during the interview.
He explained that most of the airplanes used by Nigerian airlines are leased, which means they have to pay high fees to foreign companies to use them.
This, in turn, forces airlines to pass on the costs to passengers through high ticket prices.
Why Nigeria Is Struggling to Lease Planes
The minister highlighted the difficulties that Nigerian airlines face when trying to lease planes from abroad.
He explained that many foreign companies are reluctant to lease their planes to Nigeria.
“They said Nigeria is full of dishonest people, and anytime they bring their planes to Nigeria, if the people cannot pay, they cannot recover their planes,” Keyamo said.
He added that this lack of trust is preventing airlines from getting more planes and, therefore, creating a situation where there are not enough flights to meet demand.
The minister revealed that the process of leasing planes, known as a “wet lease,” is especially costly because of these trust issues.
Government Taking Action to Fix the Problem
In response to these challenges, the Nigerian government has signed an important international agreement to make it easier for airlines to lease planes.
Keyamo said the agreement, known as the Cape Town Convention, is designed to protect foreign companies that lease planes to Nigeria.
The agreement ensures that if an airline in Nigeria is unable to pay for a leased plane, the foreign company can take back its aircraft without interference from the Nigerian government.
This is an important step toward building trust with foreign leasing companies and convincing them that Nigeria is a safe place to do business.
“The law we signed states that if anyone brings an airplane into Nigeria, if there’s a problem, the government will allow them to take their airplane back,” Keyamo explained.
Improvement in Nigeria’s Aviation Rating
Thanks to the Cape Town Convention, Nigeria’s aviation sector has seen significant improvements in its global rating.
Keyamo said that before the agreement, Nigeria’s aviation rating was at a low of 49 percent.
However, after signing the Cape Town Convention and showing a commitment to protecting foreign investments, the country’s rating rose to 70.5 percent.
This improvement is a positive sign for the aviation industry, and it could lead to more foreign companies leasing planes to Nigerian airlines in the future.
The Future Looks Bright for Nigeria’s Aviation Sector
Keyamo expressed optimism about the future of Nigeria’s aviation industry.
He believes that as more planes become available, the cost of flying will go down.
The minister said that the government has already started the process of empowering Nigerian airline operators to partner with foreign companies that manufacture airplanes.
By working with these foreign companies, Nigerian airlines will be able to lease more planes and offer more affordable flights to the public.
He also said that the government is committed to solving the problem of flight delays and cancellations.
“We are working on it, and I can assure you that very soon, these issues will be a thing of the past,” Keyamo promised.
Keyamo’s Plan for Affordable Flights
One of the main goals of the government is to make air travel more affordable for Nigerians.
Keyamo pointed out that the high cost of leasing planes is a big reason why ticket prices are so expensive.
However, with the new Cape Town Convention agreement in place, airlines will be able to lease planes on a “dry lease” basis, which is cheaper than the wet lease arrangement that is currently in use.
A dry lease allows airlines to pay for planes over time, rather than paying huge sums upfront.
This, in turn, will reduce the costs that airlines have to bear and lead to cheaper ticket prices for passengers.
What is the Cape Town Convention?
The Cape Town Convention is an international treaty that helps countries improve access to financing for aircraft.
It provides a legal framework that allows airlines to lease or finance planes with more confidence.
The goal of the treaty is to reduce the risk for foreign companies that lease planes to airlines in countries like Nigeria.