Nigeria, through Air Peace, has reportedly received its first dry-lease aircraft from Aercap Holdings after a decade of being backlisted by global aircraft lessors.
The recent historic milestone was announced on October 8 by Air Peace, which is its first beneficiary. Led by the Minister of Aviation and Aerospace Development, Festus Keyamo, the landmark is said to align with President Bola Ahmed Tinubu’s goal to liberalise the aviation sector.
Meanwhile, a dry lease aircraft is a type of lease where the airline provides its own crew, maintenance and insurance, which is considered more cost-effective compared to a wet lease, where the lessor provides crew, maintenance, and insurance.
The aircraft, a Boeing 737-700NG with registration number EL-HRN landed at the Murtala Muhammed Airport (MMA), Lagos on Friday, in the presence of the minister alongside representatives from Boeing, AerCap (lessor), Fidelity Bank, Air Peace CEO, Allen Onyema, and the Irish Embassy in Nigeria.
Also, the dry lease delivery is the first since Nigeria signed the Irrevocable Deregistration and Export Request Authorisation (IDERA) Advisory Circular into law last year.
