Nigerian Government Set to Tackle Insurance Challenges in Airline Operations

The Federal Ministry of Aviation and Aerospace Development has engaged in a stakeholder meeting on creating a new partnership between the Nigerian Insurance Association and the Airline Operators of Nigeria to strengthen their capabilities by actively engaging international leisures and financiers.

Minister of Aviation and Aerospace Development, Festus Keyamo in Abuja, the nation’s capital, emphasised the need for comprehensive rebranding of all sectors to align with the global standards for further engagement of airline operators and other stakeholders to improve Nigeria’s International standards across the world

“The meeting was birthed by the President and Vice president through the Presidential Enabling Business Environment Council PEBEC, to interact with stakeholders as a custom to the international leisure and financers meeting at Dublin,” the Minister explained.

He further stated that he must protect the local operators of the aviation industry, ensuring they meet the demands of international leisure and financers in places where they feel the market is not big enough to take the risk.

Minister of Industry, Trade, and Investment Dr. Jumoke Oduwale stated that Nigeria’s economy will be on a cause to unleash value when both the long-term and short-term consensus can deliver.

She further stated that the meeting would be of great outcome to unlock the value of the economy that would be significant for each sector to grow.

Meanwhile, the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mikhail Adetokunbo, said in building the economy, local content has a major role to play, but the insurance sector must try to recognise how to use this channel.

He further stated that the role of the government in the local concept is to build local capacity and expertise, provide employment for Nigerians, as well as discourage capital flights, where the local content provision in the Nigerian law is to protect the Nigerian economy.

The Stakeholder’s meeting is expected to strengthen aircraft insurance which would attract foreign investors in Nigeria to invest and enhance Civil Aviation Business in the country and beyond.

The meeting had in attendance various stakeholders from the National Assembly, Airline Operators, Nigeria Insurance Association, National Insurance Commission (NAICOM), Presidential Enabling Business Environment Council ( PEBEC), Nigerian Council of Registered Insurance Brokers, Nigerian Civil Aviation Authority (NCAA), among others to achieve the desired goal in promoting Nigeria’s Aviation to world standard.

Hauwa Abu