By Charles Pemu 
Nigeria has significantly boosted its standing in global aviation finance, with its compliance rating under the Cape Town Convention (CTC) surging to 75.5 per cent.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced the major leap on Tuesday at the opening of the Cape Town Convention, Africa Event, held in Abuja.
Nigeria’s score rose sharply from a previous rating of 49.0% to the current 75.5% a significant increase following the official signing and operationalization of the Irrevocable Deregistration and Export Request Authorization (IDERA) procedure and the Practice Direction for Nigerian courts.
Keyamo, represented by Dr. Anastasia Gbem, noted that 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 CTC, which has been ratified by 28 African countries, is designed to reduce credit risks and improve access to capital for aircraft financing. The Minister urged African nations to harmonize their implementation to realize the full benefits, which include “lower financing costs, easier access to modern aircraft, improved investor confidence, and enhanced operational efficiency.”
Captain Chris Ona Najomo, Director General of the Nigeria Civil Aviation Authority (NCAA), represented by Donald Tonye Spiff, highlighted that the new compliance milestone is the result of years of regulatory and judicial strengthening.
The new Practice Direction, signed by Keyamo in September 2024, provides a clearer legal framework for the Federal High Court to adjudicate aircraft financing cases. Spiff added that the event’s moot court sessions would help cultivate a new generation of aviation law experts.
Jeffrey Wool, Secretary-General of the Aviation Working Group (AWG), commended Nigeria, describing the country as a “long-term and sustained partner” in CTC implementation and a “model for other African nations.”
The National Assembly, represented by Senator Augustine Akobundu and Hon. Shina Oyedeji, reaffirmed its commitment to advancing legal reforms to meet global standards and unlock the continent’s full aviation potential, particularly under the African Continental Free Trade Area (AfCFTA) framework.