The Federal Executive Council has given its approval for the development of an Electronic Civil Registration and Vital Statistics System, a platform aimed at maintaining electronic records of birth and death registrations.
Additionally, the Council has sanctioned the establishment of an Aviation Leasing Company through a Public-Private Partnership. This decision aims to attract private sector investments into infrastructure development and stimulate the nation’s economic growth.
According to a statement issued by the Infrastructure Concession Regulatory Commission, the approvals were granted subsequent to the issuance of Full Business Case compliance certificates by the agency and the Federal Ministry of Aviation.
The Aviation Leasing Company, to be implemented by Messrs AJW Consortium as concessionaires, will provide opportunities for local aircraft leases to both domestic and international carriers. This initiative aims to address issues related to aircraft and engine leasing, expensive lease rates, and high insurance premiums charged to Nigerian airlines.
The statement emphasized, “The Aviation Leasing Company will streamline the business operations for foreign lessors by offering Nigerian domestic airlines a one-stop-shop, reducing capital flight and foreign exchange demand. The project will generate employment opportunities for Nigerians, creating a positive impact on the economy.”
It further mentioned that the ALC will present leasing options for Nigerian and African airlines to expand their fleet, mitigate challenges associated with aircraft leasing and high insurance premiums, provide an alternative to foreign lessors, and introduce competition that will lead to more favorable terms and conditions, facilitating growth and development.
The spokesperson, Ifeanyi Nwoko, stated that the company plans to begin its operations by leasing 8 aircraft in the first year, gradually increasing the portfolio to 50 leased aircraft by the 7th year, and maintaining a consistent fleet size of 70 leased aircraft by 2034.
“After approximately 7 years, the company will transition from leasing to outright aircraft purchases once the portfolio exceeds 50 leased aircraft.”
Regarding the Electronic Civil Registration and Vital Statistics System, the ICRC revealed that a private sector firm, Messrs Barnksforte Technologies Limited, will inject N5.3 billion in funds.
“The project, with the National Population Commission as the grantor, aims to digitally capture and verify births and deaths in Nigeria, providing authentication and verification of certificates to end users through the platform. Previously, these registrations were conducted manually, resulting in limited coverage and inadequate data.”
The spokesperson further explained, “The private party will be responsible for Designing, Financing, Building, Operating, and ultimately Transferring the Project to the Government after a concession period of 15 years.”