In a groundbreaking move, the National Insurance Commission (NAICOM) has officially launched the Revised Regulation on Insurance for Leased and Financed Aircrafts. This development is set to strengthen Nigeria’s aviation and insurance industries, enhance investor confidence, and promote ease of doing business in the country.

The unveiling ceremony, held at the Office of the Honorable Minister of Aviation, underscores the collaborative efforts between NAICOM, the Federal Ministry of Aviation and Aerospace Development, and key stakeholders. 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 is the result of extensive consultations with industry players, including aviation operators, insurers, international financiers, and lessors. Mr. Omosehin emphasized 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 Honorable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, 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.

With this regulation, Nigeria’s aviation sector is poised for growth, innovation, and investment. 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.” This revised regulation signals Nigeria’s readiness to attract aviation business and soar to new heights.