Air Peace Lands Nigeria’s First Dry Lease In A Decade
Air Peace, West and Central Africa’s largest airline, has taken a major step in modernising its fleet with the arrival of a dry-leased Boeing 737-700 NG from AerCap, the world’s largest aircraft leasing company. The transaction marks Nigeria’s first dry lease in almost ten years and showcases growing international confidence in the country’s aviation sector.
The aircraft touched down at Lagos’ Murtala Muhammed Airport during a ceremony attended by government officials, financial partners, and industry stakeholders, reflecting the strategic importance of the deal. Moore Ibekwe Jr, Boeing’s sales director for Africa, described the acquisition as a landmark achievement for Nigeria and a testament to Air Peace’s operational excellence and growth ambitions.
The milestone is the result of coordinated efforts between AerCap, Boeing, the Nigeria Civil Aviation Authority (NCAA), and the Ministry of Aviation. AerCap’s Vice President of Leasing, Gad Wavomba, highlighted the role of government support and regulatory frameworks, including Nigeria’s NCAA 83Bis Agreement, as key enablers in facilitating the lease.
Financial backing for the transaction was provided by Fidelity Bank, with Managing Director Kevin Ugwuoke noting that the dry-lease financing represents a natural progression following previous wet-lease operations and a transformative step for the domestic aviation landscape.
The lease reflects efforts to enhance operational capacity and international connectivity in Nigeria’s aviation sector, which has faced reputational and regulatory challenges over the past decade. Minister of Aviation Festus Keyamo described the event as a turning point for restoring global trust in Nigerian carriers. He cited ongoing reforms, including the Irrevocable De-registration and Export Request Authorization (IDERA) framework, designed to safeguard investor interests and enhance transparency.
Keyamo also outlined plans to modernise Lagos International Airport, facilitate acquisitions of wide-body aircraft, and establish a Nigerian Aircraft Leasing Company aimed at enabling local carriers to access contemporary fleets under robust regulatory oversight.
Air Peace Chairman Allen Ifechukwu Onyema highlighted the airline’s commitment to safety, integrity, and national representation, stating that the new aircraft would support expanded domestic and regional routes, strengthen economic linkages, and enhance Africa-wide connectivity.
