Keyamo: Air Peace Lagos-London Flights Will Alleviate Naira Pressure

Keyamo: Air Peace Lagos-London Flights Will Alleviate Naira Pressure

During Air Peace’s inaugural flight ceremony for its Lagos-London route at Terminal 2 of the Murtala Muhammed International Airport (MMIA) in Lagos, Festus Keyamo, the Minister of Aviation and Aerospace Development, highlighted the significance of the newly launched service in easing pressure on the Naira vis-a-vis the Dollar……READ ALSO Keyamo Denies Plan To Relocate Firefighting Equipment To Lagos

Keyamo expressed optimism about the impact of Air Peace’s operations on the Nigerian currency, emphasizing the importance of supporting local operators in accessing favorable aircraft lease arrangements. He underscored the government’s commitment, led by the Bola Tinubu administration, to facilitate such arrangements to bolster the aviation sector.

The minister noted that with Air Peace operating on the London route, there would be fewer issues concerning trapped funds, as the airline conducts its transactions predominantly in Naira. This approach, he explained, alleviates the need for extensive repatriation of funds, which traditionally exerts pressure on the Naira by driving up the demand for dollars.

Moreover, Keyamo highlighted the significance of establishing Maintenance, Repair, and Overhaul (MRO) facilities in Nigeria, emphasizing the pivotal role it plays in unlocking the full potential of the aviation industry. He disclosed ongoing discussions with various international stakeholders, including Chinese, Arab, and American investors, who are keen on investing in Nigeria’s aviation sector.

Addressing past challenges faced by airlines operating the London route, Keyamo attributed their struggles not to bilateral agreements but rather to difficulties in accessing aircraft on favorable terms. He commended Air Peace for its pioneering efforts and expressed confidence in its ability to sustain and improve its services despite the initial challenges.

In conclusion, Keyamo stressed the importance of fostering an enabling environment for investment in Nigeria’s aviation industry, aiming to position the country as an attractive destination for global aviation stakeholders.

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