In order to boost aviation sector Keyamo launches new insurance policy
The Minister of Aviation and Aerospace Development, Festus Keyamo.
In order to boost aviation sector Keyamo launches new insurance policy.
The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled a new insurance policy to transform Nigeria’s aviation sector, with the revised regulations specifically designed to ease aircraft financing and support the growth of local airline operators.
The minister announced this in a signed statement by the spokesperson to the ministry, Odutayo Oluseyi, on Monday.
The statement reads, “While flagging off the new era of insurance regulation, the Minister said the revised insurance regulations are expected to boost the aviation sector, improve Irrevocable Deregistration and Export Request Authorisation, allow local operators to cede up to 90 per cent of risk to international markets under certain conditions and it is in line with the Cape Town Convention which gears towards acquisition and financing of aircraft.”
“We are proud of the progress made in enhancing the aviation ecosystem in Nigeria, our focus is on investor-friendliness, empowering the local operators, ensure compliance with international standards, and drive growth and development in the aviation industry,” Keyamo stated.
The Commissioner for Insurance and NAICOM CEO, Olusegun Omosehin, said the commission has fully embraced the initiative.
“The Commission did not only agree to pilot the process but to take ownership of the process,” he said, noting that the policy will enhance Nigeria’s GDP and promote the stability of the aviation insurance market.
Omosehin emphasised the benefits of the new regulation, saying that “The leasing of aircraft will give the airline operators the needed advantage required in procuring more aircraft which will ultimately be to the advantage of Nigerians and other stakeholders.” He added that it would “go a long way to reduce the cost of air ticket in Nigeria, give comfort to Nigeria Airline Operators and restore confidence among foreign investors.”
The Director-General of the Presidential Enabling Business Environment Council, Zahrah Audu, assured Nigerians of the government’s resolve to implement business-friendly policies.
She urged airline operators to improve customer service and minimize flight delays and cancellations.
The Chairman of the Airline Operators of Nigeria, Professor Obiora Okonkwo, expressed the association’s support for the new policy.
“The AON is excited seeing the new insurance policy coming to bear. This will strengthen the aviation sector, retain more money among the operators, and provide general services to Nigerians,” he said.
He further acknowledged the sector’s improved performance under the current administration.
“The aviation sector under President Bola Ahmed Tinubu generates more income for the country than before,” he said.
He, therefore, called on all stakeholders to support the government’s efforts in resolving industry challenges.
