Boeing to hold foreign investors’ forum for Nigerian airline operators in Jan 2025

Boeing, an aircraft manufacturer, plans to organise a forum to bridge the gap between Nigerian airline operators and foreign investors.

In a letter to Festus Keyamo, minister of aviation and aerospace development, dated October 24, 2024, and signed by Moore Ibekwe, Boeing commercial sales director, the company spoke of its intention to showcase some Nigerian airlines to potential investors at the Airline Economics Conference, which will hold from January 12 to 15, 2025, in Dublin, Ireland.

Boeing said Keyamo had requested to leverage the company’s relationships with leasing companies — during a previous meeting with the aircraft manufacturer — to attract investors into the Nigerian aviation sector.

On August 28, Keyamo led a delegation, which included members of the Airline Operators of Nigeria (AON), to meet with Boeing executives, in Seattle, Washington, United States.

During the meeting, the federal government and Boeing signed a memorandum of understanding (MOU) to leverage Boeing’s network of financiers and lessors to facilitate the acquisition of modern aircraft.

Updating Keyamo on his request, Ibekwe said Boeing is in talks with lessors to agree on dates for the meetings, which he said have to be attended by Nigerian airlines seriously considering leasing aircraft in the next 24 months.

“Following your visit to our facilities in the United States, the press coverage about Nigerian Aviation has been remarkably positive like never before seen, therefore we need to capitalize on the positive momentum in the spirit of the MoU,” the letter reads.

“During your visit, one of the follow-up items was to organize a forum during the Airline Economics whereby we can leverage our relationships with leasing companies’ leadership for you to meet and update them personally on the strides that the Federal Government of Nigeria is undertaking to improve the aviation industry.

“As we all agreed, in the presence of our Senior Vice President of Sales, it will be best if they heard from you firsthand.

“On our side, we are coordinating the efforts with lessors to firm up dates and timing for these meetings. We would like to keep the delegation small and focused on Nigerian airlines seriously considering leasing of aircraft in the next 24 months. 

“It is important that the airlines we bring to the forefront are prepared, so that we can demonstrate real business opportunities to keep the attention of the lessors.”

BOEING TO DEVELOP CREDIT ENHANCEMENT PRODUCT FOR NIGERIA

Boeing also said they are working with several banks in Nigeria and Africa Trade Investment Development Insurance (ATIDI) to develop a credit enhancement product specifically for Nigeria to facilitate operating leases by providing an additional layer of security to global lessors who may have shown interest in the region. 

“We envisage a forum that will include the Ministry, AON representatives, Nigerian banks, lessors/financiers, and Boeing to chart a course for a new future for Nigerian aviation,” the company added.

Boeing also thanked Keyamo for his attention and efforts dedicated towards the aviation industry.