The Minister of Aviation and Aerospace Development, Festus Keyamo, has convened stakeholders’ engagement aimed at creating new partnerships between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON).
Also, on Thursday, Keyamo hinted that no fewer than 150 aviation companies have indicated interest in the forthcoming Nigeria International Airshow to be held in April, 2025.
The stakeholders’ engagement held on Thursday, took place at Transcorp Hilton Hotel, Abuja, where the Minister addressed the persistent concerns regarding aviation insurance within Nigeria and explored solutions to streamline insurance processes for the nation’s airline industry.
The Minister of Industry, Trade, and Investments, Mrs. Jumoke Oduwole, co-chaired the event alongside the Aviation Minister.
In attendance were notable figures including Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking; Hon. Usman Ahmed Jaha, House of Representatives member; Dr. Emmanuel Meribole, Permanent Secretary of the Ministry of Aviation and Aerospace Development; Capt. Chris Ona Najomo, acting Director General of the Nigerian Civil Aviation Authority (NCAA); Olusegun Ayo Omosehin, Chairman of the National Insurance Commission (NAICOM); and Kunle Ahmed, Chairman of the Nigeria Insurers Association, among others.
The event brought together representatives from Nigeria’s aviation and insurance sectors, including Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines; Capt. Roland Iyayi of TopBrass; and Jafar Shuaibu from the Presidential Enabling Business Environment Council (PEBEC).
According to the Ministry of Aviation, the collaboration marked a significant step towards addressing AON’s concerns that insuring aircraft with Nigerian insurers incurs additional operational burdens, a belief that had hindered full utilisation of local insurance providers.
During a panel session moderated by the Aviation Minister, the AON representatives expressed their reservations and raised questions to NAICOM’s leadership.
Chairman of NAICOM, Olusegun Ayo Omosehin refuted misconceptions around reinsurance in Nigeria, affirming the capacity and readiness of Nigerian insurers to handle aviation-related risks effectively.
Leaders from the NIA, including Director-General Bola Odukale, provided evidence-backed presentations to dispel any misconceptions within the aviation industry, emphasising the local industry’s strengths and alignment with international standards.
The forum concluded with an agreement to pursue further engagement and enlightenment initiatives. Stakeholders underscored the need to reassure foreign insurers and underwriters of Nigeria’s robust insurance capabilities, a crucial step in bolstering Nigeria’s position in the global aviation market.
In line with the objective, representatives from the aviation and insurance sectors committed to participating in the upcoming Economic Conference in Dublin, Ireland, scheduled for January 12-15, 2025.
This international event offers a platform to engage with global leasing companies and further underscore Nigeria’s commitment to aviation growth and insurance reform.
Meanwhile, Keyamo on Thursday, hinted that no fewer than 150 aviation companies have so far indicated interest in the forthcoming Nigeria International Airshow in April, 2025.
The 3-day event, Keyamo said, would be to promote Africa’s aviation industry and drive economic growth.
Keyamo, during a press briefing in Abuja noted that the Nigeria International Airshow (NIA) is an amalgamated marketplace for Aviation and Aerospace Development in Africa. It aims to be the leading aviation event in the region that will facilitate awareness, innovation, opportunities and investments in the industry.
According to him, NIA, a foremost event in Nigeria, is in alignment with continental and global initiatives such as IATA, ICAO, AfBAA, AFCAC and CAA.
“The event will bring together top industry stakeholders, investors, regulators, and government bodies to share ideas, experiences, and challenges, with the goal of fostering intra-African trade, tourism, and investment,” he added.
He further explained that the event promises to be a game-changer for Nigeria’s aviation industry, stating: “and I’m excited to see the impact it will have on the country’s economic development.”
Keyamo maintained that Nigeria International Airshow was set to promote the country’s aviation potential, economic activities, and infrastructure development, adding by showcasing the airports and aviation infrastructure, the event aims to attract investors, collaborators, and stakeholders to join hands with Nigeria.
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