NAICOM's revised regulation to attract new investment in aviation sector

The National Insurance Commission’s (NAICOM’s) Revised Regulation on insurance for Leased and Financed Aircrafts will attract growth and new investment in Nigeria’s aviation sector.

With this regulation, Nigeria’s aviation sector is poised for growth, innovation, and investment, according to Olusegun Omosehin, the commissioner for Insurance/CEO NAICOM.

Omosehin speaking at the unveiling ceremony held at Office of the Honorable Minister of Aviation, said, “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.

“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 was the collaborative efforts between NAICOM, the Federal Ministry of Aviation and Aerospace Development, and key stakeholders.

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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.

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 Festus Keyamo, honourable minister of Aviation and Aerospace Development, 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.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.