The Minister of Aviation and Aerospace Development, Festus Keyamo, has said efforts are on to create an enabling environment for airline operators in Nigeria to thrive.
Naija News reports that Keyamo stated this in his office in Abuja during the official flag-off ceremony of the New Era of Insurance Regulation for Leased Aircraft in Nigeria.
In a statement on Monday by the Ministry’s spokesman, Odutayo Oluseyi, Keyamo assured that the government was working to ensure airline operators enjoy friendly insurance policies that would help the operators do their business with ease.
“We are proud of the progress made in enhancing the aviation ecosystem in Nigeria. Our focus is on investor-friendliness, empower the local operators, ensure compliance with international standards, and drive growth and development in the aviation industry,” he said.
While flagging off the new era of insurance regulation, he noted that the revised insurance regulations would boost the aviation sector, improve Irrevocable Deregistration and Export Request Authorisation (IDERA), allow local operators to cede up to 90 percent of risk to international markets under certain conditions and it was in line with the Cape Town Convention which gears towards acquisition and financing of aircraft.
The Minister commended the National Insurance Commission (NAICOM) for working assiduously to ensure the policy sees the light of day.
Director General, Nigeria Civil Aviation Authority (NCAA), Captain Chris Najomo, represented by the Director of Air Transport Regulation, Mrs Olayinka Babaoye, said NCAA was passionate about the development and promised that NCAA would do its best to support the policy.
Earlier, the Commissioner for Insurance and CEO National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, stated that the Commission not only agreed to pilot the process but to take ownership of the process.
He emphasised that the policy would enhance Nigeria’s Gross Domestic Product (GDP) and promote the stability of the aviation insurance market.
“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 said.
He added that insurance regulation would go a long way to reduce the cost of air tickets in Nigeria, give comfort to Nigerian airline operators and restore confidence among foreign investors.
He called on all stakeholders to ensure proper implementation of the new insurance policy.
The Chairman Airline Operators of Nigeria (AON), Professor Obiora Okonkwo, said he was excited to see the new insurance policy.
He stated that the policy would strengthen the aviation sector, retain more money among the operators and provide general services to Nigerians.
He said the aviation sector under President Bola Tinubu generates more income for the country than before and urged the stakeholders to continue to support the government to drive all policies that would put to rest the challenges facing Nigeria aviation