Nigeria Secures $618m Loan for Fighter Jets, Ammunition Amidst Fleet Renewal Strategy

Nigeria’s Federal Executive Council (FEC) has approved a massive loan of about $618 million from a group of financiers to boost the Nigerian Air Force’s capabilities. This loan will cover the cost of six M346 fighter aircraft and ammunition.

The Minister of Information and National Orientation, Mohammed Idris, announced this after the FEC meeting presided over by President Bola Tinubu.

The FEC also approved seven contracts for the Nigerian Customs Service and agreements to eliminate double taxation with Hong Kong and Botswana.

Furthermore, the Nigerian Air Force is acquiring 24 M-346 combat jets and 10 AW109 Trekker helicopters as part of its fleet renewal strategy, with deliveries expected between 2025 and 2026.

Additionally, the FEC approved the establishment of the Creative Economy Development Fund to support the creative industry. This fund will provide funding, leveraging $200 million from Afreximbank and other sources, and allow members to use their intellectual property as collateral.

Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, expressed that the fund will address the lack of basic structures needed to tap into the potential of the creative economy. She also mentioned that an intellectual property policy is being worked on with the Ministries of Industry, Trade and Investment and Justice, expected to be delivered within two weeks.