Nigeria is set to welcome its first set of dry-lease aircraft on October 6, 2025, marking a major milestone for the country’s aviation sector after successfully exiting the Aviation Working Group (AWG) watchlist in October 2024.
The announcement was made by the Minister of Aviation and Aerospace Development, Festus Keyamo, during the foundation-laying ceremony for Air Peace’s Maintenance, Repair, and Overhaul (MRO) facility at Murtala Mohammed International Airport, Lagos.
In a statement issued by his spokesperson, Tunde Moshood, Keyamo said the arrival of dry-lease aircraft under a new government-backed arrangement would cut capital flight, empower local airlines with operational independence, and enhance their competitiveness in the global market. Unlike wet-lease deals, which tie airlines to foreign operators, the dry-lease model grants Nigerian carriers full control of flight operations.
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The development comes alongside the construction of the N32 billion Air Peace MRO facility, scheduled to be completed in 15 months. The world-class complex, covering 32,000 square meters, will include a 6,150 sqm hangar designed for wide-body aircraft such as the Boeing 777-ER, a 2,800 sqm storage area, 1,500 sqm of workshops, a four-storey administrative block, and a 5,000 sqm apron. Backed by partners including the Bank of Industry, Fidelity Bank, Zenith Bank, and aircraft manufacturer Embraer, the facility is expected to serve both Nigerian and regional airlines, reducing the need for costly overseas maintenance.
For decades, Nigerian carriers struggled to access dry-lease financing after the country was blacklisted by the AWG due to non-compliance with the Cape Town Convention. Frequent defaults and court injunctions preventing aircraft repossession made lessors wary of doing business with Nigeria. However, reforms in recent years boosted the nation’s compliance score from 49 percent to 75.5 percent, leading to its removal from the AWG watchlist in October 2024 and restoring confidence in its aviation sector.
The renewed confidence has already spurred international interest. In January 2025, the African Export-Import Bank (Afreximbank) pledged to support Nigerian airlines with 25 aircraft through its leasing subsidiary, using the dry-lease model to strengthen competitiveness and expand fleets.
With the delivery of the first dry-lease aircraft now confirmed for October, industry watchers say Nigeria is entering a new era in aviation, one that promises better fleet expansion, reduced dependence on foreign operators, and a stronger regional presence in Africa’s skies.
