FG unveils new insurance rules for aviation sector

By Kunle Sanni

The federal government has introduced revised insurance regulations to improve airline operations and create a more business-friendly environment in Nigeria’s aviation industry.

The new framework was launched on Monday by the Minister of Aviation and Aerospace Development, Festus Keyamo, during an event in Abuja titled “New Era of Insurance Regulation for Leased Aircraft in Nigeria.”

According to Odutayo Oluseyi, Head of Press and Public Affairs at the Ministry, the initiative is part of broader reforms by the Tinubu administration to reposition the aviation sector for growth and global competitiveness.

Keyamo said the revised insurance regime is aimed at easing operational challenges faced by local airline operators, especially in aircraft leasing and compliance with international standards.

“This move aligns with our focus on creating a more investor-friendly environment, empowering local operators, and ensuring our aviation industry meets global standards,” the minister stated.

He added that the policy would reinforce the Irrevocable Deregistration and Export Request Authorisation (IDERA) framework, which is essential for aircraft leasing and financing.

Keyamo emphasized that enhancing insurance coverage and clarity for leased aircraft is key to attracting investment and sustaining growth in the sector.

The new regulations are expected to improve access to insurance, reduce disputes over aircraft repossession, and foster stronger partnerships with international lessors and insurers.