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Nigeria’s global aviation compliance score has seen a significant improvement following the signing of the administrative rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization (IDERA).
Nigeria’s global aviation compliance score has seen a significant improvement following the signing of the administrative rules governing aircraft repossession by creditors and lessors, known as the Irrevocable De-registration and Export Request Authorization (IDERA). The resulting impact will be felt in increased flight regularity, the expansion of serviced routes, and competitive ticket pricing, ultimately benefiting the Nigerian public
The Aviation Working Group (AWG) has announced that Nigeria’s score on the Cape Town Convention (CTC) Compliance Index has increased to 75.5 per cent from 70.5 per cent, placing the country in the high category. The development also signals Nigeria’s removal from the watchlist of non-compliant nations. It said the development marks Nigeria’s official removal from the AWG’s watchlist of non-compliant countries.
The AWG is a not-for-profit legal entity composed of major aviation manufacturers, leasing companies, and financial institutions that contribute to the development of policies, laws, and regulations that facilitate advanced international aviation financing and leasing. The statutory mandates of AWG are to contribute to the development and acceptance of policies, laws, regulations, and rules that facilitate advanced international aviation financing and leasing and to address inefficiencies in aviation financing or leasing that constrain these transactions.
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The high rating of the country’s aviation industry and the subsequent removal from the watch list of non-compliant countries came about a month after the government signed the CTC agreement.
