Nigeria and the African Development Bank (AfDB) have signed an agreement to formalise the $7 billion Integrated Aviation Transformation Programme (IATP) aimed at kick-starting reforms and unlocking large-scale financing for the aviation industry’s development across the continent.

Minister of Aviation and Aerospace Development, Festus Keyamo, Thursday in Brazzaville, Congo, signed the Letter of Intent (LOI) between the country and the AfDB to formalise the agreement.

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A statement confirming the development issued by the Minister’s Special Adviser on Media and Communications, Tunde Moshood, disclosed that Mr Keyamo participated in a high-level dialogue session with the president and governors of the AfDB, where he presented the opportunities embedded in the programme and Nigeria’s role in driving its implementation.

According to the statement, the IATP offers a strategic pathway to unlock aviation investment across Africa, with Nigeria positioned as a key beneficiary through ongoing sector reforms and policy alignment.

Mr Keyamo said Nigeria had already taken key preparatory steps to position itself for the successful take-off of the initiative, which will also include ‘domesticating the Cape Town Convention, updating its IDERA and reworking its aviation insurance policies to meet global industry standards.’

He noted that these reforms were necessary to build investor confidence and align Nigeria’s aviation framework with international best practices.

The minister also highlighted the newly approved Nigeria Aircraft Leasing Company, saying it would play a critical role in improving access to aircraft financing and expanding airline operations in the country.

He added that the AfDB was being engaged to mobilise capital in support of the initiative, given its potential to transform aviation financing across the continent.

The statement added that the President of the AfDB, Sidi Ould Tah, expressed satisfaction with the presentation and pledged the bank’s commitment to supporting the successful implementation of the IATP across Africa, particularly in Nigeria.

Following the dialogue session, Keyamo unveiled the Country Compact for Nigeria’s aviation sector and then signed the Letter of Intent between the AfDB and Nigeria, formally marking a commitment to deepen cooperation in aviation development.