Air Peace Secures Boeing 737-800 Lease Agreement

Nigeria’s largest carrier, Air Peace, has signed an agreement with ACMI provider KlasJet for the lease of a Boeing 737-800. Air Peace currently operates a 29-aircraft fleet ranging from Embraer E195-E2s to Boeing 777s that serve 20 different locations.

According to the International Air Transport Association (IATA), a six percent growth in African air travel is expected in 2026. Air Peace cited the rapidly growing West African aviation market as a catalyst behind the move and said the airline themselves is trying to match the significant rate of development. 

“Nigeria and other countries are transforming themselves into economic powerhouses, and aviation is a major part of this process. As the region’s leading airline, we have ambitious plans for the future and are convinced that the aircraft leasing model provides us with the flexibility required to grow strategically,”said Oluwatoyin Olajide, chief operating officer at Air Peace.

In addition to looking to expand their presence in the region each year, officials for KlasJet noted that the ACMI model is particularly well-suited for this rapid growth environment, giving carriers the opportunity to test new routes without having to take on the financial burden of aircraft ownership. 

The decision to enter into a new lease agreement comes as Air Peace has had recent struggles with a separate ACMI provider. In November, the airline criticized its partner, SmartLynx Airlines, after the ACMI provider abruptly withdrew a number of leased Airbus A320 aircraft used to support the Air Peace domestic network, resulting in more than $15 million in financial losses. Days later SmartLynx announced it was ceasing all operations due to a determination that the company’s financial future was untenable.