Nigeria’s Vice President Kashim Shettima has revealed that Nigeria’s deliberate implementation of the Cape Town Convention protocols has excited investors and attracting them to invest in Nigeria.
He also indicated that the recently issued Federal High Court Practice Directions and Advisory Circular on CTC has marked a significant milestones in Nigeria’s journey to align with international best practices.
He spoke at the 2024 Ministry Conference on the Convention on International Interests in Mobile Equipment and the Protocol on Matters Specific to Aircraft Equipment held in Abuja on Thursday organised by the Nigeria Civil Aviation Authority, NCAA.
Vice President Shettima represented by the Minister of Aviation and Aerospace Development Mr. Festus Keyamo, SAN, said the Cape Town Convention has not only enhanced Nigeria:s aviation global standing but has also opened doors to increased investment and growth in aviation financing.
“These initiatives have streamlined legal processes, enhanced jurisdictional clarity, and improved Nigeria’s compliance index, positioning our nation among global leaders in aviation governance” he assured.
Capt. Chris Najomo, the Acting Director-General, Civil Aviation said the theme of this conference underscores the importance of the Cape Town Convention and its Aircraft Protocol as essential instruments for promoting growth, stability, and resilience in the aviation industry.
“As we convene here today, we are reminded of the immense opportunities this Convention offers in enhancing aviation financing, safeguarding creditor rights, and fostering a more predictable and sustainable legal environment for our industry” he stated.
Ag.DGCA further explained that “the Cape Town Convention aligns seamlessly with this agenda, offering a pathway to modernizing our aviation sector and ensuring its contribution to Nigeria’s prosperity.”
“As you are all aware, Nigeria’s aviation sector holds great potential for driving economic transformation, connecting communities, and promoting regional integration. The benefits of these efforts are already evident. Nigeria’s improved ranking on the Aviation Working Group’s Cape Town Convention Compliance Index is a testament to our progress” stressed.
Speaking to journalists at the sidelines of the event, the focal director for the conference, Barr. Mary Tufano-Eche the Director, Legal Services / Company Secretary at the Nigeria Civil Aviation Authority (NCAA) CTC said the practice direction has further straightened NCAA’s capability in doing it’s work.
He noted that Nigeria has signed so many conventions but they are not being implemented because of lack of enabling local policies but this is changing as the laws and policies are gradually being put in place.
She noted that some lease cases end up in court but with the practice direction, the processes have been streamlined and the role of.the court in the event of default is well established.