The Aviation Working Group (AWG) has significantly raised Nigeria’s Cape Town Convention (CTC) compliance index score from 49 percent to 70.5 percent, marking a major improvement in the country’s standing for aircraft leasing, Okay.ng reports.
The AWG, a non-profit entity composed of key aviation manufacturers, leasing companies, and financial institutions, plays a crucial role in shaping international policies and regulations that facilitate advanced aviation financing and leasing.
Nigeria’s improved score indicates that the country is now regarded as safer for aircraft leasing activities.
In a letter addressed to Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, Jeffrey Wool, AWG’s secretary-general, conveyed the organization’s decision. Wool credited the increase to recent legal advancements made in Nigeria, specifically the Practice Direction issued last week.
“Thank you (and your colleagues) for the time, effort, and skill over the past months on the Practice Direction issued late last week,” Wool wrote.
“Based on that important legal development, AWG has swiftly and materially increased the Nigeria CTC compliance index score from 49 to 70.5.”
