Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), says the Federal Government is working “round the clock” to remove operational barriers in the aviation sector, improve investor confidence, and empower local airline operators through policy reforms and international best practices.
Keyamo made the assertion in Abuja during the official flag-off of a New Era of Insurance Regulation for Leased Aircrafts in Nigeria, aimed at strengthening the aviation industry, reducing costs for operators, and boosting confidence among foreign investors.
“We are proud of the progress made in enhancing Nigeria’s aviation ecosystem,” Keyamo stated. “Our focus is on investor-friendliness, empowering local operators, ensuring compliance with international standards, and driving growth and development in the industry.”
Under the revised framework, the new insurance regulations—aligned with the Cape Town Convention—will allow airline operators to cede up to 90% of aircraft leasing risk to international markets under specified conditions. It is also designed to improve the Irrevocable Deregistration and Export Request Authorisation (IDERA) process, a key factor for aircraft financiers and lessors.
Keyamo lauded the National Insurance Commission (NAICOM) for taking ownership of the regulatory reforms and called the development a “game-changer” in the government’s broader aviation agenda under the Renewed Hope Mandate of President Bola Ahmed Tinubu.
NAICOM’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasized that the policy would significantly boost Nigeria’s Gross Domestic Product (GDP), reduce ticket prices, and stabilize the aviation insurance market.
“Aviation is a critical sector for national growth. This insurance reform will empower airline operators to acquire more aircraft at a lower cost and expand their services to Nigerians,” Omosehin said, urging stakeholders to ensure effective implementation.
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Also speaking, Princess Zahrah Mustapha Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), reaffirmed the government’s commitment to fostering a business-friendly climate. She, however, charged airline operators to be more customer-centric and curb delays and cancellations.
On behalf of the Airline Operators of Nigeria (AON), Chairman Prof. Obiora Okonkwo said the operators are optimistic that the new policy would increase efficiency, local revenue retention, and service delivery across the aviation sector.
“The aviation industry under President Tinubu is already generating more income than before,” Okonkwo said. “This policy is a vital step to overcome long-standing challenges and attract fresh investment.”
The event also featured remarks from the Nigeria Civil Aviation Authority (NCAA), represented by Director of Air Transport Regulation, Mrs. Olayinka Babaoye, who pledged NCAA’s full support for the policy rollout.
The Federal Government’s move is widely seen as part of a broader push to reposition Nigeria’s aviation industry as a competitive and investor-attractive hub within Africa and beyond.