Nigeria is poised to receive its first dry-leased aircraft in nearly two decades, Minister of Aviation and Aerospace Development Festus Keyamo announced on Wednesday during the groundbreaking ceremony of Air Peace’s Maintenance, Repair, and Overhaul (MRO) facility at Murtala Muhammed International Airport.

The aircraft is expected to arrive on October 6. Keyamo explained that for the past 20 years, Nigerian airlines had relied exclusively on wet leases, which he said shifted maintenance and operational costs to consumers, resulting in high ticket prices.

“This is the first time we are going to have a dry lease. Dry lease means that confidence has returned to the Nigerian ecosystem. They are giving you your plane. Control it yourself. I wrote a personal guarantee for Air Peace to get that dry lease. I put my life and my reputation on the line,” he said.
The minister highlighted that the new MRO facility, developed in partnership with Brazilian aircraft manufacturer Embraer, would reduce capital flight and save foreign exchange currently spent on aircraft maintenance abroad.

“What this is going to save in terms of FX to this country is incredible. Air Peace alone spends about N180 billion yearly for maintenance; imagine what other airlines are spending. Monies that should remain within our jurisdiction went out. That is capital flight. With this facility here, we are going to keep that within Nigeria,” Keyamo said.
He added that the facility, which can accommodate wide-bodied aircraft, is unique in West and Central Africa and is expected to attract foreign inflows as well as strengthen local capacity. Keyamo noted that the project is part of the government’s broader effort to support local operators and reduce dependence on foreign maintenance services.
The minister also announced that he had approved four new international routes for Air Peace, including Italy, Canada, Paris, and Istanbul.

He expressed concern that Nigerian carriers currently transport only about five percent of international travelers from the country and urged banks to actively participate in financing the aviation sector. “No sector can grow without the active support of the financial institutions,” he said, assuring lenders that they would recover their investments.
Air Peace Chairman Allen Onyema said the MRO facility would allow maintenance of Embraer jets locally, reducing costs and turnaround time.

“By September 17, we are going to inaugurate the commencement of construction of our new MRO, and Embraer will operate maintenance for Embraer jets… You will now be able to do it here, and people will also come to Nigeria to do the same,” Onyema said.
Onyema also highlighted the airline’s upcoming Nigeria-Brazil route, which he said reflects Nigeria’s growing aviation capacity and the partnership approach of Brazil.

“In Brazil, they signed several MoUs, but what really impressed me was their partnership approach, one that respects our sovereignty and is mutually beneficial… President Lula’s warmth showed a genuine eagerness to work with Nigeria,” he said.
Keyamo stressed the broader economic significance of the facility and the dry lease, noting that connecting Nigeria with Brazil, the largest economy in South America, could help revive bilateral trade, which has fallen from $10 billion to $2 billion over the past decade.
“Brazil is the biggest economy in South America, and of course, Nigeria is considered the biggest economy in Africa… So connecting these two economies was very key to both presidents,” he said.
The arrival of the first dry-leased aircraft and the launch of Air Peace’s MRO facility mark a shift in Nigeria’s aviation sector toward greater self-reliance, local capacity development, and retention of foreign exchange, while positioning the country as a regional hub for aircraft maintenance and aviation services.