The Nigerian federal government announced revised insurance regulations for leased aircraft to align with the Cape Town Convention, which it says will facilitate easier financing for local airlines.
Aviation Minister Festus Keyama stated that local operators can cede up to 90pc of insurance risk to international markets under specific conditions.
The announcement made in Abuja on March 12, mentioned improvements to the Irrevocable Deregistration and Export Request Authorisation (IDERA) process.
Olusegun Ayo Omosehin from the National Insurance Commission commented on the positive impacts, including lower airfares and increased foreign investment for the aviation sector.
Obiora Okonkwo from the Airline Operators of Nigeria hosted the changes as a means to strengthen the aviation sector and improve services for citizens.
Festus Keyama shared “Investor friendliness, compliance with international standards, and support for local aviation growth are our focus“.
Obiora Okonkwo shared “We’re looking to strengthen the aviation sector, retain more revenue locally This move is expected to enhance industry stability and ultimately boost Nigeria’s GDP”.
