The Federal Government has officially launched the Revised Regulation on Insurance for Leased and Financed Aircrafts.
The groundbreaking initiative is designed to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country.
The unveiling ceremony, which took place on Monday at the Office of the Minister of Aviation, underscores the collaborative efforts between the National Insurance Commission (NAICOM), the Federal Ministry of Aviation and Aerospace Development, and key stakeholders.
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Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the regulation as a transformative framework that will foster certainty, predictability, and stability in the aviation insurance market.
The revised regulation for leased aircraft is the result of extensive consultations with industry players, including aviation operators, insurers, international financiers, and lessors.
Mr. Omosehin emphasised that the new framework will liberalize insurance requirements, boost industry capacity, and reassure the global aviation market of Nigeria’s commitment to global standards.
The Commissioner expressed gratitude to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, and the Presidential Enabling Business Environment Council (PEBEC) for their instrumental roles in driving the reform forward.
He also acknowledged the Nigerian Insurers Association (NIA), Airline Operators of Nigeria (AON), and other industry stakeholders for their collaborative input.
Nigeria’s aviation sector is poised for growth, innovation, and investment with this regulation, as Mr. Omosehin noted, “With the right insurance framework, Nigeria’s aviation sector can overcome challenges, adapt to changes, and thrive in an ever-evolving landscape.”
He highlighted that the revised regulation signals Nigeria’s readiness to attract aviation business and soar to new heights.
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