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PRESS RELEASE BY THE OFFICE OF THE HONOURABLE MINISTER OF AVIATION AND AEROSPACE DEVELOPMENT:
AFTERMATH OF CTC PRACTICE DIRECTION: NIGERIA’S GLOBAL RATING IMMEDIATELY GOES UP
In a swift response to Nigeria’s bold attempt to fully comply with the Cape Town Convention on dry-leasing of aircrafts by preparing and signing the Practice Direction, the Aviation Working Group (Co-chaired by BOEING AND AIRBUS) has today swiftly adjusted the global score/rating of Nigeria on our compliance status from 49 to 70.5. This is the largest score Nigeria has attained till date to give comfort to financiers and the leasing world. There is also potential for further increase in the next few weeks as the Minister has directed the NCAA to immediately adjust its administrative rules called IDERA to also fully align with the Convention to further boost the confidence of financiers and lessors across the world.
In an email received this evening, the Aviation Working Group in London and New York commended the Aviation Minister and his team for the ‘time, effort and skill’ they put in the last few months into making this a reality.
They also said they are poised for further increase the score once Nigeria adjust its administrative rules in the next few weeks and the courts ACTUALLY begin to apply the Practice Direction.
Find below the email and other correspondence from the Aviation Working Group.
Tunde Moshood
SA Media and Communications to the Honourable Minister of Aviation and Aerospace Development
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