Politics
THE Tinubu Stakeholders Forum (TSF) has lauded the Federal Government for boosting and repositioning the Aviation sector as a safe and reliable destination for aircraft leasing.
This followed the recent announcement by the Aviation Working Group (AWG) that Nigeria’s Cape Town Convention (CTC) compliance index score had increased from 49 per cent to 70.5 per cent
In a statement signed by its Chairman, Ahmad Sajoh, and Secretary, Afolabi Josiah on Wednesday in Abuja, the forum praised the federal government’s dedication to aviation reform.
“We at the TSF commend this remarkable development which reflects government’s commitment to fostering a more secure and competitive aviation sector.
“The increased compliance score is a direct result of proactive efforts and policy reforms led by the current administration.
“The AWG is a global entity that includes key stakeholders such as major aviation manufacturers, leasing companies, and financial institutions.
“These entities work collaboratively to shape international aviation financing and leasing policies,” the statement explained.
According to it, the group’s Secretary-General, Jeffrey Wool, formally communicated the increase in Nigeria’s compliance index to the Minister of Aviation and Aerospace Development, Festus Keyamo.
It cited the Federal Government’s recent legal actions as the driving factor behind this positive change.
“The Nigerian government, through a stakeholders’ meeting led by Vice-President, Kashim Shettima, on Sept. 12, signed the CTC practice direction.
“Which was seen as a critical step toward repositioning the country’s aviation sector.
“The Practice Direction was signed by the Chief Judge of the Federal High Court, John Tsoho, in line with the recommendations of the Presidential Enabling Business Environment Council (PEBEC).
“This ground-breaking legal reform ensures that Nigeria is now fully aligned with international aviation leasing standards, restoring the country’s reputation in the global aviation community,” the statement said.
It added that the AWG’s decision to increase Nigeria’s CTC compliance score was a testament to the nation’s newfound standing in aviation finance, where it had previously been blacklisted.
It noted that the practice directions issued by the Federal High Court provided a clear legal framework for compliance with CTC obligations.
The forum added that the directions superseded previously non-compliant judicial precedents, solidifying Nigeria’s commitment to maintaining international standards in aviation.
According to it, this move by the Federal Government is a victory for transparency, good governance, and economic growth.
It further added that the higher compliance score not only boosts confidence in Nigeria’s aviation sector, but also signaled the nation’s readiness to participate fully in global aviation leasing and finance.
“The increase in the CTC compliance index score is a clear reflection of the government’s determination to align with international best practices.
“And we remain optimistic that further improvements will follow,” it said.
It commended the ongoing efforts to ensure that Nigeria’s judiciary adhered to the new CTC practice directions and called on relevant stakeholders to continue supporting the reform process,
The forum emphasised the importance of sustained commitment to compliance and adherence to international standards.
It expressed confidence that these developments would lead to further advancements in Nigeria’s aviation industry and reaffirmed the forum’s belief in President Bola Tinubu’s vision of economic transformation and global integration.
“This initiative will pave the way for greater opportunities, improved investor confidence, and the overall growth of Nigeria’s aviation sector, ensuring that the country takes its rightful place as a leader in the region, ”the forum said.
It reiterated the forum’s support for the administration’s commitment to economic reforms and legal frameworks that enhanced Nigeria’s standing in the global community.(NAN)
A.I
Sept. 24, 2024
Tags: Afolabi Josiah Ahmad Sajoh Festus Keyamo. Jeffrey Wool John Tsoho Tinubu Stakeholders Forum
