By Ignatius Ushie
In a quest to ensure ease of doing business and strengthen Airline Operators, Hon. Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has stated that President Bola Ahmed Tinubu led Federal Government is working round the clock to create enabling environment for Airline Operators in Nigeria to thrive thereby empowering Nigeria Aviation sector.
According to a statement made available to Transport Day in Abuja, the Minister who made this known in his office in Abuja during the official flag off ceremony of New Era of Insurance Regulation for Leased Aircraft in Nigeria, said that the Federal Government is doing a lot ensure airline operators enjoy friendly insurance policies that would help the operators do their businesses with ease.
He said “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”.
The Minister, while flagging off the new era of insurance regulation, said the revised insurance regulations are expected to 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 is in line with the Cape Town Convention which gears towards acquisition and financing of aircraft.
Keyamo commended the National Insurance Commission (NAICOM) for working assiduously to ensure the policy see the light of the day.
In his remarks, Director General, Nigeria Civil Aviation Authority (NCAA), Capt. Chris Najomo represented by Mrs Olayinka Babaoye, Director, Air Transport Regulation. said NCAA is passionate about the development and promised that NCAA will do all her best to support the policy.
Earlier, the Commissioner for Insurance and CEO National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, stated that the Commission did not only agree to pilot the process but to take ownership of the process, adding that the policy will enhance Nigeria Gross Domestic Product (GDP) and promote the stability of the aviation insurance market.
Mr Ayo said the insurance policy is designed in line with Nigeria local content and the renewed hope agenda of President Bola Ahmed Tinubu. He said aviation is a critical sector to propel the growth which Nigerians desires.
According to him, “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’’.
On her part, Director-General, Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, assured Nigerians of the government willingness to formulate friendly policies that will enhance business operation in Nigeria.
Chairman Airline Operators of Nigeria, Professor Obiora Okonkwo, stated that the AON is excited seeing the new insurance policy coming to bear, noting that the policy will strengthen the aviation sector, retain more money among the operators and provide general services to Nigerians.
