In a significant move to enhance its aviation sector, Nigeria has become one of the few countries globally to implement new Practice Directions by the Federal High Court.
These guidelines are aimed at ensuring strict adherence to the Cape Town Convention, an international agreement governing aircraft financing.
The new Practice Directions were signed by the Chief Judge of the Federal High Court, under the auspices of the Presidential Enabling Business Environment Council (PEBEC).
This landmark development was lauded by the Vice President of Nigeria, Senator Kashim Shettima, who presided over the signing ceremony.
The move comes in response to Nigeria’s historical challenges in complying with the Cape Town Convention, a crucial factor in attracting foreign investment in the aviation industry.
The country’s non-compliance had led to its blacklisting by the Aviation Working Group, hindering access to aircraft financing.
The new Practice Directions are expected to address legal impediments that have hampered the implementation of the Cape Town Convention in Nigeria.
By streamlining judicial processes and ensuring timely remedies for creditors, these guidelines aim to boost investor confidence and facilitate easier access to aircraft financing for Nigerian airlines.
The Minister of Aviation and Aerospace Development, Festus Keyamo, expressed his satisfaction with this achievement, emphasizing its potential to revitalize the aviation industry and create more jobs.
The new Practice Directions are seen as a major step towards positioning Nigeria as a competitive player in the global aviation market.
