TSF commends Nigeria’s aviation sector for compliance improvements under CTC
The Tinubu Stakeholders Forum (TSF) has praised the Nigerian government for its strides in enhancing the aviation sector, particularly its efforts in improving compliance with the Cape Town Convention (CTC), which it noted, has positioned Nigeria as a more reliable destination for aircraft leasing.
This commendation follows the Aviation Working Group’s (AWG) recent announcement that Nigeria’s CTC compliance index score has risen from 49 percent to 70.5 percent, reflecting significant progress in the country’s aviation reforms.
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Afolabi Josiah, the Forum lauded the federal government’s proactive measures in repositioning the sector.
“We at the Tinubu Stakeholders Forum commend this remarkable development, which demonstrates the government’s commitment to fostering a secure and competitive aviation sector,” the statement read. “The increased compliance score is a direct result of ongoing policy reforms led by the current administration.”
The AWG, a global body consisting of major aviation stakeholders such as manufacturers, leasing companies, and financial institutions, communicated Nigeria’s improved compliance score to the Minister of Aviation and Aerospace Development, Festus Keyamo, via a formal letter.
The letter, signed by the group’s Secretary-General, Jeffrey Wool, highlighted the government’s recent legal reforms as key to this achievement.
On September 12, 2024, a stakeholders’ meeting led by Vice-President Kashim Shettima culminated in the signing of the CTC Practice Direction by the Chief Judge of the Federal High Court, John Tsoho. This action followed recommendations from the Presidential Enabling Business Environment Council (PEBEC) and is seen as a crucial step in repositioning Nigeria’s aviation sector to meet global standards.
“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 statement added.
The TSF also emphasized that the newly issued Practice Directions provide a clear legal framework for CTC compliance, overriding previous judicial practices that hindered alignment with international standards. This legal clarity is expected to boost investor confidence and further strengthen Nigeria’s aviation industry.
The Forum further highlighted that the rise in Nigeria’s CTC compliance index signifies the country’s readiness to fully participate in global aviation leasing and finance.
It commended the administration’s focus on transparency, good governance, and economic growth, adding that these developments reflect President Bola Ahmed Tinubu’s vision of economic transformation and global integration.
“The TSF remains confident that these reforms will unlock greater opportunities and accelerate the growth of Nigeria’s aviation sector, ensuring that the country takes its rightful place as a regional leader,” the statement concluded.
The Tinubu Stakeholders Forum reaffirmed its support for the government’s commitment to driving economic reforms and establishing legal frameworks that bolster Nigeria’s standing in the global community.
