TSF commends Nigeria’s aviation sector compliance improvements under Cape Town convention

 

The Tinubu Stakeholders Forum has lauded major achievements recorded by the Nigerian government in the aviation sector by boosting and repositioning it as a safe and reliable destination for aircraft leasing.

This commendation follows the recent announcement by the Aviation Working Group (AWG) that Nigeria’s Cape Town Convention (CTC) compliance index score has increased from 49 per cent to 70.5 percent

In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Afolabi Josiah, the Forum praised the federal government’s dedication to aviation reform.

The statement said: “We at the Tinubu Stakeholders Forum (TSF) commend this remarkable development, which reflects the government’s commitment to fostering a more secure and competitive aviation sector.

“The increased compliance score is a direct result of proactive efforts and policy reforms led by the current administration.

“The AWG is a global entity that includes key stakeholders such as major aviation manufacturers, leasing companies, and financial institutions. These entities work collaboratively to shape international aviation financing and leasing policies.”

The group’s Secretary-General, Jeffrey Wool, formally communicated the increase in Nigeria’s compliance index to the Minister of Aviation and Aerospace Development, Festus Keyamo, in a letter, citing the federal government’s recent legal actions as the driving factor behind this positive change.

The Nigerian government, through a stakeholders’ meeting led by the Vice-President, Kashim Shettima, on September 12, 2024, signed the CTC practice direction, which was seen as a critical step toward repositioning the country’s aviation sector. The Practice Direction was signed by the Chief Judge of the Federal High Court, John Tsoho, in line with the recommendations of the Presidential Enabling Business Environment Council (PEBEC).

“This groundbreaking legal reform ensures that Nigeria is now fully aligned with international aviation leasing standards, restoring the country’s reputation in the global aviation community.

“The AWG’s decision to increase Nigeria’s CTC compliance score is a testament to the nation’s newfound standing in aviation finance, where it had previously been blacklisted,” the statement added.

The TSF further noted that the Practice Directions issued by the Federal High Court provide a clear legal framework for compliance with CTC obligations. These Directions supersede previously non-compliant judicial precedents, solidifying Nigeria’s commitment to maintaining international standards in aviation.

“This move by the federal government is a victory for transparency, good governance, and economic growth. The higher compliance score not only boosts confidence in Nigeria’s aviation sector but also signals the nation’s readiness to participate fully in global aviation leasing and finance.

“The increase in the CTC compliance index score is a clear reflection of the government’s determination to align with international best practices, and we remain optimistic that further improvements will follow.

“We also commend the ongoing efforts to ensure that Nigeria’s judiciary adheres to the new CTC Practice Directions. The Forum calls on relevant stakeholders to continue supporting this reform process, emphasizing the importance of sustained commitment to compliance and adherence to international standards.

“The TSF remains confident that these developments will lead to further advancements in Nigeria’s aviation industry and reaffirm its belief in President Bola Ahmed Tinubu’s vision of economic transformation and global integration.

“This initiative will pave the way for greater opportunities, improved investor confidence, and the overall growth of Nigeria’s aviation sector, ensuring that the country takes its rightful place as a leader in the region,” the statement concluded.

The Tinubu Stakeholders Forum reiterated its support for the administration’s commitment to economic reforms and legal frameworks that enhance Nigeria’s standing in the global community.

=============