In a major boost to Nigeria’s aviation industry, the country has received its first dry-leased Boeing 737-700 aircraft in over ten years, marking a significant step toward modernizing the nation’s air transport fleet. The milestone was achieved through a partnership between Aercap Holdings, one of the world’s largest aircraft leasing companies, and Nigeria’s leading carrier, Air Peace.
The development, announced on Friday in Abuja, was spearheaded by Minister of Aviation and Aerospace Development, Festus Keyamo, who described the achievement as “a practical testament to President Bola Tinubu’s commitment to liberalizing and revitalizing Nigeria’s aviation sector.”
“This milestone signals renewed confidence in Nigeria’s aviation market,” Keyamo said. “After years of setbacks, Nigeria is finally reclaiming its place as a serious player in global air transport and aircraft leasing.”
The arrival of the Boeing 737-700 under a dry lease arrangement marks the first such delivery since 2013. A dry lease allows the airline to lease the aircraft without crew or maintenance support, a model often reserved for operators with proven technical capacity and compliance with international safety standards.
Industry experts see the move as a vote of confidence in both Nigeria’s regulatory environment and Air Peace’s operational standards, especially given the global leasing market’s earlier reluctance to engage Nigerian carriers due to financial and safety concerns.
As Nigeria’s largest airline, Air Peace continues to lead the charge in expanding the country’s aviation footprint across Africa and beyond. The airline, which recently launched new regional and international routes, said the partnership with Aercap underscores its goal of fleet modernization and improved passenger experience.
“We are proud to be at the forefront of this transformation,” Air Peace Chairman Allen Onyema stated. “This aircraft is not just another addition to our fleet; it represents renewed global confidence in Nigerian aviation.”
The 737-700, known for its efficiency and medium-haul capacity, will be deployed on key domestic and regional routes, helping Air Peace strengthen its presence across West and Central Africa.
The milestone follows a series of policy reforms initiated by Minister Keyamo, aimed at making Nigeria more attractive to investors and operators. These include ongoing efforts to harmonize aviation taxes, enhance safety oversight, and improve airport infrastructure under the Renewed Hope Agenda.
A senior official at the Nigerian Civil Aviation Authority (NCAA) described the development as “a breakthrough for Nigeria’s leasing credibility,” adding that several other carriers may now explore similar arrangements with global lessors.
Aviation analysts say the return of dry lease agreements to Nigeria will have ripple effects on the economy, including job creation, technology transfer, and improved regional connectivity. It is also expected to enhance the competitiveness of Nigerian carriers in the African market, aligning with the goals of the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM) initiatives.
“This partnership with Aercap is more than symbolic; it’s a signal that Nigeria is back on the global aviation radar,” said aviation analyst Tayo Ogunbiyi. “It could attract new investments and partnerships if sustained with transparency and consistency.”
The Federal Government has pledged continued support for private airlines seeking fleet expansion, maintenance partnerships, and technical cooperation. Keyamo reiterated that Nigeria’s aviation reform is not just about policy but about “building trust and credibility with global institutions.”
“We are focused on results safer skies, better facilities, and a more business-friendly environment,” he said.
With the Boeing 737-700 now in Nigerian skies, the move signals a new era for the country’s aviation industry one defined by renewed confidence, partnership, and modernization.
