The Infrastructure Concession Regulatory Commission (ICRC), says the Federal Executive Council (FEC) has approved the establishment of an Aviation Leasing Company (ALC) under a Public Private Partnership (PPP).<\/p>\n\n\n\n
This is contained in a statement issued by Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC on Wednesday in Abuja.<\/p>\n\n\n\n
Nwoko said the approval was in a bid to inject private sector funds into infrastructure development and boost the nation\u2019s economic growth.<\/p>\n\n\n\n
He said FEC also approved the development of an Electronic Civil Registration and Vital Statistics System (eCRVS), a platform that would effectively keep electronic records of births and deaths registrations.<\/p>\n\n\n\n
Nwoko said both approvals were given following the issuance of Full Business Case (FBC) compliance certificates by ICRC, the agency statutorily established to regulate PPPs.<\/p>\n\n\n\n
He said the ALC, which would be executed by Messrs AJW Consortium as concessionaires, seeks to provide an opportunity for local leases of aircraft to both domestic and international carriers.<\/p>\n\n\n\n
\u201cIt will also alleviate the problems of aircraft\/engine leasing, costly lease rates, and high insurance premium charges to Nigerian airlines.<\/p>\n\n\n\n
\u201cIt will facilitate the ease of doing business for foreign lessors with Nigerian domestic airlines being a one-stop-shop thereby limiting capital flight and the strong demand on forex,\u201d he said.<\/p>\n\n\n\n
Nwoko said the ALC would provide leasing opportunities for Nigerian and African Airlines to boost their fleet size and alleviate the problems of aircraft leasing and high insurance premium charges.<\/p>\n\n\n\n
He said it would also provide an alternative to foreign lessors and introduce competition which would relax the terms and conditions currently obtainable, thereby facilitating growth and development.<\/p>\n\n\n\n
Nwoko said the project would also create employment opportunities for Nigerians which would have a multiplier effect on the economy.<\/p>\n\n\n\n
\u201d The ALC will commence with leasing eight aircraft in its first year of operation.<\/p>\n\n\n\n
\u201d The portfolio will increase as it grows to 50 leased aircraft after the seventh year and remain constant at 70 leased aircraft by 2034.<\/p>\n\n\n\n
\u201cThe ALC then starts to purchase aircraft outright (instead of lease) after approximately seven years, once the portfolio exceeds 50 leased aircraft,\u201d he said.<\/p>\n\n\n\n
He said the project was approved with the Federal Ministry of Aviation as grantor.<\/p>\n\n\n\n
Nwoko said for the eCRVS N5.3 billion private sector fund would be injected by the concessionaire, Messrs Barnksforte Technologies while the National Population Commission would be the project grantor.<\/p>\n\n\n\n
Nwoko said the project seeks to capture and verify births and deaths in Nigeria and provide attestation and verification of certificates to end users on the platform.<\/p>\n\n\n\n
\u201cPrior to this, these registrations have been carried out manually, a process that has been characterised by low coverage and inadequate data.<\/p>\n\n\n\n
\u201cThe private party will Design, Finance, Build, Operate, and Transfer the Project to the government at the end of the concession period of 15 years.\u201d<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
The Infrastructure Concession Regulatory Commission (ICRC), says the Federal Executive Council (FEC) has approved the establishment of an Aviation Leasing Company (ALC) under a Public Private Partnership (PPP). This is contained in a statement issued by Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC on Wednesday in Abuja. Nwoko said the approval was in a […]<\/p>\n","protected":false},"author":2,"featured_media":1647,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949],"tags":[1082],"class_list":["post-50377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","tag-aviation","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n