Springfountain, Boeing sign MoU to invest $20bn in Nigeria

Posted: June 15, 2017 in general

(L-R): Representative of Minister for State of Aviation, Director of Operation and Training of Nigerian Civil Aviation Authority, Capt. Sidi Abdullahi; Sales Director, West Africa Commercial Airplanes, Boeing, Mr. Larry Tolliver; Executive Director, Spring Fountain, Mrs. Tokunbo Fagbemi; Special Guest, Chief Femi Olopade during the Seminar on 2017 Expanded Horizon Conference which held under the theme of: ‘Aviation Education Infrastructure Challenges and Potential,’ in Lagos


Aviation infrastructure firms and aircraft manufacturers, Springfountain, and the Boeing Company USA have signed a strategic agreement that would lead to a $20 billion investment in the Nigerian aviation industry within the next few years.

The agreement was signed, last Monday, in Lagos by Mrs Tokunbor Fagbemi, Managing Director, Springfountain and Mr Larry Tolliver, Head of Sales, West and Central Africa, the Boeing Company.

Speaking at the ceremony, Fagbemi said the proposed investment would be carried out through the African Aircraft Leasing Company (AALC), OEM Maintenance, Repair and Overhaul Centre, African Aircraft Spare Parts Company (AASC) and Aggregated Services Solutions.

Fagbemi said it would cover aircraft leasing, maintenance, repair and overhaul, spares logistics and supply, as well as aggregated services solutions, further noting that the absence of such facilities and services in Africa were some of the major challenges faced by the Nigerian airlines and the aviation sector.

“We, as dynamic Nigerians and as patriotic citizens of this great nation have made Nigeria our first port of call to situate, subject to provision of all the necessary enabling environment, free of the risk of expropriation.

“We believe that through this venture, we would have added our quota to ensure that Nigeria does not lose out, as African aviation is gathering momentum and countries within Africa are repositioning, developing culture, business, economy and so on, around aviation and increased intra-continental air connectivity.’’

“We, therefore, call on government to facilitate the implementation of the Yamoussoukro Declaration (YD) and the African Union Declaration 2063,’’ Fagbemi said.

She also urged the government to create an enabling environment for the projects to take off by way of policies and waivers, as well as investment in aviation education, skill building and skill development.

Also speaking, Tolliver said the partnership was aimed at improving Boeing’s services to its clients, adding that Springfountain had demonstrated sufficient commitment towards making it a success.

On his part, Sen. Hadi Sirika, Minister of State, Aviation, represented by Capt. Sidi Abdullahi, Director of Operations, Nigerian Civil Aviation Authority (NCAA), congratulated Springfountain on the attainment of the strategic relationship with Boeing.

Sirika said the partnership was expected to bring in innovative solutions that would assist in solving major issues bedeviling the Nigerian aviation industry.


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