Historic Milestone for Nigerian Aviation
In a landmark development for Nigeria's aviation industry, Air Peace has successfully received the country's first dry lease aircraft in ten years, marking the end of a prolonged blacklisting period that had severely limited Nigerian airlines' access to affordable aircraft leasing options.
The Boeing 737-700NG, bearing registration number EL-HRN, touched down at Murtala Muhammed Airport (MMA), Lagos on Friday, November 7, 2025, amid much celebration and optimism for the future of Nigerian aviation.
Government Intervention Bears Fruit
The successful delivery comes exactly eleven months after Nigeria implemented the Irrevocable Deregistration and Export Request Authorisation (IDERA) Advisory Circular into law, a crucial regulatory framework that has restored international confidence in Nigeria's aviation sector.
Aviation and Aerospace Development Minister Festus Keyamo described the occasion as both emotional and historic during the delivery ceremony in Lagos. He revealed that until this breakthrough, international lessors had been unwilling to provide aircraft on dry lease arrangements to Nigerian operators due to trust issues and past payment defaults.
"When this government assumed office in 2023, we made it a priority to remove Nigeria from the aviation blacklist by signing the IDERA agreement," Minister Keyamo stated. "This strategic move now enables our operators to access aircraft through dry lease arrangements rather than the significantly more expensive wet lease options we've been forced to use."
Economic Benefits and Sector Transformation
The minister emphasized the substantial cost advantages, noting that wet lease arrangements are approximately three times more expensive than dry lease options. This cost disparity had previously placed Nigerian airlines at a competitive disadvantage, allowing foreign carriers to dominate the country's aviation gateways.
"Dry lease arrangements are born out of the highest level of integrity and confidence in both the system and the operator," Keyamo explained. "Nigeria has now reached that critical junction where we are attracting global confidence into our aviation sector, which serves as a precursor to empowering our local operators."
The minister specifically commended Air Peace for maintaining impeccable financial records that contributed to this breakthrough, stating that the airline "has not been financially reckless and isn't owing anybody around the world, while also running the airline in a most responsible manner."
Air Peace Leadership Expresses Optimism
Air Peace Chairman, Dr. Allen Onyema, confirmed that the Federal Government had guaranteed the agreement and emphasized that most global carriers operate primarily through dry lease arrangements. He assured all stakeholders that Air Peace would strictly adhere to all terms and conditions of the lease agreement.
"Dry lease option is always the best for any operator," Onyema declared. "Given our population of over 230 million people and our operations spanning West Africa, Central Africa, and international routes, we need over 50 aircraft. We can afford to take over 50 aircraft from AerCap and other lessors."
The Air Peace chairman highlighted the transformative potential of this development, noting that while the airline could previously manage only about ten aircraft through wet lease arrangements, dry leasing now enables access to over fifty aircraft at significantly lower costs.
"If we can take up to 10 aircraft in a wet lease module, we can also take over 50 with a dry lease, which is far cheaper and more affordable," Onyema emphasized. "This represents a new dawn for Nigeria, and I am profoundly grateful to everyone who made this historic achievement possible."
International Partners Celebrate Achievement
The delivery ceremony attracted significant international participation, with dignitaries from Boeing, AerCap, Fidelity Bank, and the Irish Ambassador to Nigeria, Peter Ryan, joining Minister Keyamo in welcoming the aircraft.
Irish Ambassador Ryan commended both the Nigerian government and Air Peace management for their successful implementation of the Cape Town Convention, while Boeing's Sales Director for the African Region, Moore Ibekwe Jr, revealed that the dry lease discussions between Nigeria and Boeing had commenced approximately two years earlier.
Dr. Kenneth Okpara, Executive Director of Fidelity Bank, attested to Air Peace's consistent maintenance of prudent and transparent financial records, further validating the airline's credibility in international aviation circles.
This breakthrough signals a new era of growth and competitiveness for Nigeria's aviation industry, with expectations that more dry lease aircraft will be delivered to Nigerian carriers in the coming months.
