The Bank of Industry (BoI), Fidelity Bank, and Zenith Bank have declared their support for Air Peace’s N32 billion Maintenance, Repair and Overhaul (MRO) facility currently under development at Murtala Muhammed International Airport, Lagos.
At the groundbreaking ceremony held on Wednesday, representatives of the financial institutions underscored their commitment to backing the landmark project, which is expected to create over 50,000 jobs and position Nigeria as a hub for aircraft maintenance in Africa.
Mrs. Ifeoma Uzokpala, Executive Director for Large Enterprises at the Bank of Industry, said the bank was proud to partner with Air Peace on a project that aligns with its mandate of fostering sustainable industrial growth and employment creation.
She added that the facility would also reduce capital flight and positively impact Nigeria’s foreign exchange.
Mr. Abolore Solebo, Executive Director of Corporate Banking at Fidelity Bank, said the bank’s partnership with Air Peace led to the establishment of a dedicated aviation desk to provide tailored financial solutions for the sector.
He assured that the bank would continue to provide full support for the project.
Zenith Bank was also represented at the ceremony, alongside other partners who reaffirmed their commitment to seeing the facility through to completion within the proposed 24-month timeframe.
The MRO facility, which covers 32,000 square metres, will include a 6,150 clear space hangar capable of accommodating a Boeing 777ER, a 5,000 square metre apron, 2,800 square metres of storage, 1,500 square metres for workshops, and a four-storey office building.
Air Peace Chairman, Dr. Allen Onyema, noted that the confidence shown by the financial partners reinforced the airline’s commitment to investing in Nigeria’s aviation industry.
He said the facility would operate independently, servicing Air Peace, other domestic carriers, and international airlines, while also partnering with Embraer of Brazil for global aircraft support.