Nigeria’s global aviation rating under the Cape Town Convention has surged to 75.5 per cent, marking a major leap in the country’s compliance with international aviation financing standards.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced the development on Tuesday at the opening of the Cape Town Convention, Africa Event, held in Abuja.
Keyamo, represented by Dr. Anastasia Gbem, Director of Human Resources and Administration, said the new rating reflected Nigeria’s growing commitment to aligning its aviation systems with international best practices.
“Nigeria’s Cape Town Convention compliance score has risen from 70.5% to 75.5% following the signing and operationalization of the Irrevocable Deregistration and Export Request Authorization (IDERA) procedure and Practice Direction.
“This milestone strengthens our position as a regional leader in aviation law reform and signals to global investors that Nigeria is open for business on globally accepted terms.”
The minister noted that the Cape Town Convention, ratified by 28 African countries, had transformed global aircraft financing by reducing credit risks and improving access to capital.
He urged African nations to harmonize their implementation of the Convention, emphasizing that the full benefits would only be realized through collective action and legal coherence across the continent.
(Vanguard)
