The federal government signed the Cape Town Accord on Aircraft Lease on Thursday, September 12, 20 years after it went into effect.
The Cape Town Accord was created to ease asset-based financing and leasing of aviation equipment, including aircraft.
It also helps to increase funding opportunities and lower costs, resulting in the desired economic benefits.
Vice President Kashim Shettima presided over the signing of the pact in front of aviation stakeholders, including Allen Onyema, Chairman of Air Peace.
It was announced at the Presidential Villa where the Accord was signed that Nigerian airline companies will now have access to aircraft on Dry Lease, while customers will benefit from decreased flight prices.
