The federal government has signed the Cape Town Accord on aircraft leasing, 20 years after it came into effect.
The accord is designed to facilitate asset-based financing and leasing of aviation equipment, such as aircraft, helping to expand financing opportunities and lower costs, with potential economic benefits.
Vice President Kashim Shettima led the signing ceremony at the Presidential Villa, in the presence of aviation stakeholders, including Air Peace Chairman, Allen Onyema.
With this agreement, Nigerian airline operators can now access dry leasing options, which could result in lower flight fares for passengers.
