Nigeria Signs Cape Town Accord

The Cape Town Accord on Aircraft Leasing was finally ratified by the Nigerian government on Thursday, more than 20 years later.

Vice President Kashim Shettima oversaw the Accord’s signature in front of aviation industry participants, including Air Peace Chairman Allen Onyema.

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The purpose of the pact is to make asset-based financing and leasing of aviation machinery, including airplanes, easier.

The agreement, which was put into place more than 20 years ago, also contributes to cost savings and increased financing options, both of which have positive economic effects.

THE MATRIX gathered at the Presidential Villa where the signing took place, that with the signing of the Accord, Nigerian airline operators can now have access to aircraft Dry Lease, while passengers can also enjoy lower flight rates.