Nigeria to Receive First Dry-Lease Aircraft in Nearly 20 Years

Nigeria’s aviation sector is preparing for a major milestone as the country readies to welcome its first dry-lease aircraft in almost two decades, a development many industry players say will reshape the business environment for local airlines. The delivery, scheduled for October 6, is being facilitated through Air Peace and is seen as the beginning of a new chapter for Nigeria’s carriers, which have long been burdened by high costs associated with wet leases.

Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the breakthrough during the foundation-laying ceremony for Air Peace’s new Maintenance, Repair, and Overhaul (MRO) hangar in Lagos. According to him, the arrival of a dry-leased aircraft underscores Nigeria’s return to the global aviation leasing market after years of being excluded due to compliance issues with international conventions. He noted that the implementation of the Cape Town Convention had restored confidence in the system, enabling Nigerian airlines to once again qualify for dry lease arrangements.

For nearly 20 years, most Nigerian carriers had to depend on wet leases—agreements where aircraft come with crew, insurance, and maintenance included. While this arrangement made it easier for airlines to access planes quickly, it also meant much higher operating costs and limited control for the carriers. By contrast, dry leasing allows airlines to take over aircraft operations, handling their own crew and maintenance while spreading costs more efficiently. Keyamo explained that this would give operators more flexibility, reduce ticket prices, and cut capital flight from the industry.

The minister stressed that his intervention and assurances to international lessors were critical in reviving confidence in Nigeria’s leasing environment. He said he personally guaranteed that Air Peace could meet the obligations under the agreement, a move he described as a calculated risk worth taking for the broader good of the industry. “This is a game changer,” Keyamo stated. “It reduces costs for airlines and passengers alike while strengthening the country’s credibility in global aviation.”

Air Peace Chairman, Allen Onyema, hailed the development as a sign of progress for Nigerian aviation. He pointed out that wet leases had been draining airlines for years, with many operators unable to sustain their fleets under such heavy financial strain. The opportunity to access aircraft through dry leases, he said, would allow carriers to grow their fleets in a more sustainable way, expand routes, and improve service quality.

Onyema also emphasized the significance of Air Peace’s new MRO project, which coincides with the arrival of the dry-lease aircraft. The facility, when completed, will be capable of handling large commercial aircraft, reducing the need to send planes abroad for maintenance. This, he argued, will save the country millions of dollars in foreign exchange and establish Nigeria as a regional hub for aircraft servicing.

Industry analysts believe the new lease deal could reshape the sector by improving competition, lowering ticket prices, and positioning Nigerian airlines to better compete with foreign carriers. They note that with proper regulatory oversight, the dry lease model could help local airlines break away from the cycle of debt and high costs that has plagued the sector for decades.

However, some aviation experts caution that while dry leasing offers financial relief, it also comes with added responsibilities for airlines. Unlike wet leases, where much of the operational burden is shouldered by the lessor, dry leases place obligations such as crew training, insurance, and maintenance squarely on the operator. Meeting these responsibilities will require stronger regulatory enforcement, reliable local insurance systems, and efficient MRO facilities—factors that Nigeria is still developing.

For passengers, the expected outcome is more affordable and reliable services. Lower leasing costs should translate into cheaper fares and more route options, while airlines could reinvest savings into fleet modernization and customer experience. With Air Peace taking the lead, industry watchers anticipate that other local carriers may soon pursue similar arrangements.

The timing of the development is also significant. Nigeria has faced criticism for frequent flight delays, high airfares, and reliance on foreign airlines. The reintroduction of dry leasing, coupled with the upcoming MRO facility, signals a strategic shift toward self-reliance and long-term stability. It also suggests that government reforms under the aviation ministry are beginning to deliver tangible results.

As the October 6 delivery date draws closer, the mood across the aviation sector is one of cautious optimism. While challenges remain—ranging from infrastructure gaps to funding constraints—the return of dry lease aircraft is widely seen as a turning point. For the first time in two decades, Nigerian carriers are regaining access to a leasing model that could make the industry more sustainable, more competitive, and better aligned with global best practices.

The aviation minister summed it up by declaring that the move was not just about one airline or one lease, but about restoring Nigeria’s credibility and giving its aviation industry the tools to thrive. Onyema echoed this sentiment, expressing hope that the development would inspire confidence among other operators and position Nigeria as a key player in regional and global aviation.

At long last, the country is set to prove that with the right reforms and partnerships, its airlines can compete internationally on fair terms. The arrival of the dry-lease aircraft is only one step, but it may well be the first of many toward a stronger and more resilient aviation future for Nigeria.