Nigeria is set to receive a dry-leased aircraft on October 6, after nearly 20 years, according to Festus Keyamo, minister of Aviation and Aerospace Development.

Festus Keyamo, minister of Aviation and Aerospace Development.

A dry lease is an arrangement in aviation where a leasing company (lessor) provides an aircraft to a lessee without crew, maintenance, insurance, or other operational services.

Keyamo made the announcement on Wednesday during the foundation-laying of Air Peace’s new maintenance hangar at the Murtala Muhammed International Airport, Lagos.

He explained that the milestone comes through Air Peace, following Nigeria’s removal from a global blacklist as a result of implementing the Cape Town Convention.

For two decades, Nigerian airlines had relied solely on wet leases, but Keyamo noted that renewed global confidence in the nation’s aviation system had changed the narrative.

He explained that wet leases placed a heavy burden on passengers through inflated ticket prices, costly maintenance, and other overhead expenses.

“This is the first time we are going to have a dry lease. Dry lease means that confidence has returned to the Nigerian ecosystem.

“They are giving you your plane. Control it yourself. I wrote a personal guarantee for Air Peace to get that dry lease. I put my life and my reputation on the line,” he said.

On Air Peace’s upcoming Maintenance, Repair and Overhaul, MRO, facility, Keyamo emphasized that the project would save Nigeria vast sums of foreign exchange and curb capital flight.

“What this is going to save in terms of FX to this country is incredible. Air Peace alone spends about N180 billion yearly for maintenance; imagine what other airlines are spending.

“Monies that should remain within our jurisdiction went out. That is capital flight. With this facility here, we are going to keep that within Nigeria.

“We are now going to attract people to bring in their money, not only ours, but we are going to attract foreign inflows.

“In the whole of West Africa and Central Africa, there are no good MROs. The good thing is that this facility will accommodate wide-bodied aircraft. You do not have such in the whole of West Africa and Central Africa,” he said.

He credited President Bola Tinubu’s recent visit to Brazil for helping secure Embraer’s partnership with Air Peace in providing technical support for the new facility. According to him, supporting indigenous operators remains central to his mandate, with the Federal Government committed to strengthening local airlines.

The minister further noted that the MRO would introduce a simulator for pilots, reducing reliance on overseas training while creating avenues for foreign exchange earnings. He called on commercial banks to reinvest in the aviation sector, stressing that aircraft financing was now more secure.

Keyamo also revealed that Air Peace had secured approvals for four new international routes—Italy, Canada, Paris, and Istanbul. Still, he lamented that Nigerian carriers currently handle only about five percent of outbound international passenger traffic.

Air Peace, in August, announced the start of its MRO project in collaboration with Brazilian aircraft manufacturer Embraer, with completion expected within 12 to 15 months.

The facility will allow Embraer jets to be serviced locally, cutting costs and turnaround time.

Chairman Allen Onyema said, “By September 17, we are going to inaugurate the commencement of construction of our new MRO, and Embraer will operate maintenance for Embraer jets. You will now be able to do it here, and people will also come to Nigeria to do the same.”

Onyema emphasized that the airline’s planned Nigeria-Brazil route, scheduled to begin in the third quarter of 2025, was secured on merit and capacity, not just investment in Embraer.

He added, “In Brazil, they signed several MoUs, but what really impressed me was their partnership approach, one that respects our sovereignty and is mutually beneficial… President Lula’s warmth showed a genuine eagerness to work with Nigeria.”

Keyamo also stressed the importance of connecting both countries: “Brazil is the biggest economy in South America, and of course, Nigeria is considered the biggest economy in Africa. So connecting these two economies was very key to both presidents,” he said, pointing out that bilateral trade had dropped from $10 billion to $2 billion in the past decade.

The unveiling of Air Peace’s MRO facility and the arrival of the dry-leased aircraft mark a turning point for Nigeria’s aviation sector—boosting confidence, reducing reliance on expensive wet leases, retaining foreign exchange, and positioning the country as a regional hub for aircraft maintenance and services.

Dr. Krishnan Ranganath, Regional Executive for West Africa at Africa Data Centres (ADC), has been named the Digital Economy Personality of the Year at the 10th Africa Digital Economy Awards. The prestigious award, presented at a gala event in Nairobi, Kenya, recognized Dr. Krish as the top choice among his peers.

Dr. Krish, as he is widely known, earned the accolade after receiving the highest number of votes and nominations from a diverse group of senior stakeholders across the Information and Communications Technology (ICT) and digital infrastructure sectors.

This overwhelming support underscores the respect he has garnered within the industry.

According to Mr. Akin Naphtal, Founder of Digital Economy and the awards’ organizer, the voting results were a “glaring” indication of Dr. Krish’s significant contributions.

“When you look at the numbers of votes, it is glaring that Dr. Krish has shown his capacity and prowess in what we now refer to as the digital economy in Africa. You will also agree with me that he is one of those who pioneered the infrastructure that is powering the digital economy,” Naphtal stated.

Dr. Krish and his team are tirelessly working on ensuring Africa has a sovereign ICT infrastructure, a crucial step toward digital sovereignty and economic growth for the continent.

This latest honour adds to a growing list of awards for Dr. Krish this year, solidifying his status as a leader in the African digital infrastructure space.

His recent accolades include Tech Ecosystem Builder of the Year at the 2025 Titans of Tech Awards, Digital Economy Trailblazer of the Year at the 2025 Digital Innovation Awards (DIA), Digital Transformation Pioneer Award at the Beacon of ICT (ABoICT) Merit and Leadership Awards and Top 50 Most Valuable Personalities in Nigeria’s Digital Economy.

Meanwhile, a visibly elated Dr. Krish thanked his colleagues who voted for him, expressing that the award will inspire him to work even harder. “I am personally grateful for my colleagues across Africa who have voted and nominated me. I do not take this honour for granted.

I am dedicating this award to all those who believe in the sustained prosperity of the African continent,” he said while receiving the award from Shri Sushil Prasad, Deputy High Commissioner of India, Kenya.

The Africa Digital Economy Awards celebrates Africa’s digital champions and innovators, aligning with the African Union’s digital transformation strategy. This year’s 10th-anniversary event highlighted the remarkable progress of the continent’s digital landscape, from nascent tech hubs to a vibrant ecosystem of startups and digital leaders.

Africa’s Global Bank, United Bank for Africa (UBA) Plc is set to make a bold statement on the global stage as it will be gathering world leaders, policymakers, and investors and other private sector players at the forthcoming 2025 United Nations General Assembly (UNGA).

This year’s gathering at the UNGA, which is the 80th Edition, will be held between September 15th and September 25th, and as always, UBA Group has mapped out series of engaging activities to spotlight Africa’s opportunities and foster high-level dialogue with global leaders towards boosting the continent’s potential.

A key part of the event, will be the UBA’s unveiling of a ground-breaking whitepaper that presents actionable strategies for unlocking Africa’s vast economic potential, as part of the bank’s mission to drive sustainable growth across the continent.

The whitepaper, a first-of-its-kind initiative by a leading African financial institution at UNGA, titled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth’, will highlight opportunities in trade, infrastructure, digital innovation, climate finance, and inclusive growth.

By providing a roadmap for collaboration between Africa and the global community, UBA aims to position the continent not just as a beneficiary of investment, but as a critical driver of future global prosperity.

Apart from the Whitepaper launch, other activities of the group will include the Business Council for International Understanding (BCIU) Roundtable to be hosted by UBA America, as well as the annual UBA Reception.

The reception will convene world leaders, policymakers, and influential business executives who will be involved in critical dialogues on investment and development across the continent.

UBA’s Group Chairman, Tony Elumelu, emphasized the strategic importance of these dialogues, explained that over the past few years, UBA has become an active leader in conversations and activities that will drive tangible investments to the continent.

“These conversations are fundamentally different from previous discussions because they will be followed by feasible and actionable decisions. UBA will actively work to implement these outcomes for the benefit of the continent, as committed partners in Africa’s development and sustainability,” Elumelu noted.

Continuing, he said, “’The United Nations General Assembly is the largest and most official gathering of world leaders, and we cannot let such an opportunity pass without major African players like UBA taking centre stage to bring these leaders together and showcase Africa’s potential.”

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who remarked on the upcoming event, especially the whitepaper’s significance, emphasized the need for more private organizations and players to demonstrate their commitment to the continent’s development through concrete action and proven capabilities.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.