Nigeria’s Minister of Aviation and Aerospace Growth, Festus Keyamo (SAN), says the Federal Authorities is working “around the clock” to take away operational obstacles within the aviation sector, enhance investor confidence, and empower native airline operators by way of coverage reforms and worldwide finest practices.
Keyamo made the assertion in Abuja through the official flag-off of a New Period of Insurance coverage Regulation for Leased Aircrafts in Nigeria, aimed toward strengthening the aviation trade, lowering prices for operators, and boosting confidence amongst overseas traders.
“We’re happy with the progress made in enhancing Nigeria’s aviation ecosystem,” Keyamo acknowledged. “Our focus is on investor-friendliness, empowering native operators, making certain compliance with worldwide requirements, and driving progress and growth within the trade.”
Beneath the revised framework, the brand new insurance coverage rules—aligned with the Cape City Conference—will permit airline operators to cede as much as 90% of plane leasing threat to worldwide markets below specified situations. It’s also designed to enhance the Irrevocable Deregistration and Export Request Authorisation (IDERA) course of, a key issue for plane financiers and lessors.
Keyamo lauded the Nationwide Insurance coverage Fee (NAICOM) for taking possession of the regulatory reforms and referred to as the event a “game-changer” within the authorities’s broader aviation agenda below the Renewed Hope Mandate of President Bola Ahmed Tinubu.
NAICOM’s Commissioner for Insurance coverage, Mr. Olusegun Ayo Omosehin, emphasised that the coverage would considerably increase Nigeria’s Gross Home Product (GDP), cut back ticket costs, and stabilize the aviation insurance coverage market.
“Aviation is a crucial sector for nationwide progress. This insurance coverage reform will empower airline operators to accumulate extra plane at a decrease value and increase their companies to Nigerians,” Omosehin stated, urging stakeholders to make sure efficient implementation.
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Additionally talking, Princess Zahrah Mustapha Audu, Director-Normal of the Presidential Enabling Enterprise Surroundings Council (PEBEC), reaffirmed the federal government’s dedication to fostering a business-friendly local weather. She, nevertheless, charged airline operators to be extra customer-centric and curb delays and cancellations.
On behalf of the Airline Operators of Nigeria (AON), Chairman Prof. Obiora Okonkwo stated the operators are optimistic that the brand new coverage would improve effectivity, native income retention, and repair supply throughout the aviation sector.
“The aviation trade below President Tinubu is already producing extra revenue than earlier than,” Okonkwo stated. “This coverage is an important step to beat long-standing challenges and entice recent funding.”
The occasion additionally featured remarks from the Nigeria Civil Aviation Authority (NCAA), represented by Director of Air Transport Regulation, Mrs. Olayinka Babaoye, who pledged NCAA’s full assist for the coverage rollout.
The Federal Authorities’s transfer is broadly seen as a part of a broader push to reposition Nigeria’s aviation trade as a aggressive and investor-attractive hub inside Africa and past.
