Speaking at the Nigerian Aircraft Acquisition and Investment Summit in Lagos over the weekend, Najomo highlighted that strategic financial support from banks, notably Fidelity Bank’s backing of Air Peace, has played a critical role in stabilizing airline operations and enabling fleet expansion. He added that other financial institutions are increasingly exploring aviation financing, signaling a broader shift in the sector’s economic landscape.
“The industry is witnessing increased investment, both from banks and private investors. Airlines are acquiring newer, modern aircraft, and this trend is set to continue,” Najomo said.
He attributed part of the sector’s momentum to ongoing reforms led by the Federal Minister of Aviation and Aerospace Development, Festus Keyamo, which he said were beginning to yield measurable results. According to Najomo, improvements in operational efficiency and regulatory processes are expected to become more visible over the next six months.
Fleet expansion is already underway, with Nigerian carriers purchasing aircraft from leading global manufacturers, including Boeing, Embraer, and Bombardier. Najomo noted that this growth is not limited to commercial airlines but also extends to private jet operations, reflecting rising investor confidence in the sector.
The NCAA chief revealed that the authority had issued between seven and eight new Air Operators’ Certificates (AOCs) in the past six to nine months, a notable improvement from previous years when obtaining certification was a lengthy and challenging process.
“You will see more aircraft coming in—better, modern aircraft. They are already arriving,” Najomo said. “We are improving ease of doing business without compromising safety. Compliance with safety regulations remains non-negotiable.”
Increased operational capacity is expected to open new routes, particularly regional connections across West Africa, providing passengers with more travel options. The expansion could also put downward pressure on airfares, as airlines grow their fleets from just a few aircraft to six, seven, or eight, enhancing competition within the market.
Najomo cited Air Peace, Nigeria’s largest carrier with a fleet exceeding 20 aircraft, as a leading example of domestic aviation growth and a key driver in expanding the country’s air transport infrastructure.