The Federal Government has signed the Cape Town Convention Practice Directions to reduce the cost of airline operations in Nigeria’s aviation sector.
The signing took place during a stakeholders’ meeting of the Presidential Enabling Business Environment Council in Abuja.
The PEBEC, which is chaired by Vice-President Kashim Shettima, met at the Presidential Villa, Abuja.
The Chief Judge of the Federal High Court, Justice John Tsoho, signed the CTC practice direction, which aimed to promote and preserve the nation’s airlines industry.
Shettima commended Justice Tsoho for his role in addressing the issue and signing the document.
The Vice-President assured airline operators that President Bola Tinubu’s administration was committed to protecting and promoting the Nigerian airline industry.
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He praised the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, for addressing the issues affecting airline operators.
Edun promised to meet with stakeholders to perfect the agreements reached during the meeting.
He described the signing as an action to revolutionise the airline industry, reducing costs and facilitating growth.
Airline operators, including Allen Ikechukwu Onyema, CEO of Air Peace, expressed appreciation for the President’s efforts to enhance the aviation sector.
The Special Adviser to the President on PEBEC, Dr. Jumoke Oduwole, noted that the signing would help reduce insurance costs and improve the business environment.
The Minister of Aviation, Festus Keyamo, represented by Dr. Anastasia Gbem, said the signing aligned with the Ministry’s goal of enhancing local airlines’ capacity.
Keyamo said: “Investors can bring their aircraft into Nigeria and if there is any problem, such aircraft would be recovered within the 10-day period that Nigeria and the Cape Town Convention have provided.
“So, it is an unprecedented history made today and it is a venture that will boost the Nigerian airlines and the entire aviation industry.”
The Chief Executive Officer of the National Insurance Commission, Olusegun Omoseye, described the signing as significant progress for Nigeria’s aviation sector and economy.
