Nigeria Secures $618m Loan for Fighter Jets Acquisition

The Federal Executive Council (FEC) has approved a substantial loan of approximately $618 million for the Nigerian Air Force to procure six M-346 attack jets, aimed at enhancing the country’s aerial combat capabilities.

This decision was announced by the Minister of Information and National Orientation, Mohammed Idris, during a press briefing on October 23, 2024.

Idris stated, “This strategic investment is crucial for modernizing our air force and improving our response to ongoing security challenges.” The initial batch of three jets is expected to arrive by early 2025, with further deliveries slated for completion by mid-2026.

The procurement is part of a broader initiative that includes the recent acquisition of 24 Italian-made M-346 attack jets and ten AW-109 Trekker helicopters.

Air Force spokesperson Olusola Akinboyewa confirmed that discussions regarding this acquisition began earlier in 2024 with Leonardo S.P.A., the jets’ manufacturer.

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“Negotiations started after a significant meeting between our Chief of Air Staff, Air Marshal Hasan Abubakar, and Leonardo’s Vice President Claudio Sabatino,” Akinboyewa said. “This acquisition will significantly bolster our operational capabilities in the fight against insurgents.”

The Nigerian government has increased its defense budget to ₦3.3 trillion for the 2024 fiscal year, reflecting a commitment to addressing the persistent threats posed by Boko Haram and other militant groups, particularly in the Northeast.