Federal Gov’t Begins Insurance Of Nigerian Aircrafts

In a bid to meet international standards and attract foreign investors, the federal government has directed the Ministry of Aviation And Aerospace Development to commence the process of insuring aircrafts operated by Nigeria airlines.

The minister of Aviation and Aerospace Development, Festus Keyamo stated this in Abuja on Wednesday, when he met stakeholders in the aviation industry.

Speaking at a stakeholders engagement meeting on insurance, the minister said the vice president, Kashim Shettima instructed the ministry to commence the process and ensure that the aircraft operating on Nigeria by Nigeria airlines are insured as this will create a more conducive environment for doing business and attract foreign investors.

Speaking at the end of the meeting, the minister said “We had a very, very robust discussion. I am very grateful to the leadership of the National Assembly on insurance. They were here, and they actually provided useful support and guidance to all of us regarding how they are also thinking. The Airline Operators of Nigeria (AON), also spoke their minds

The Nigerian Insurance Commission (NICON), spoke their mind and I think we are beginning to understand ourselves.

“We have reached a resolution that there is a need for further engagement on this issue. We also have reached a decision that there is a need for the AON, NICON  to further engage international resources and finances to understand their position and their capacity. The capacity they have is part of the rebranding of the Nigerian image to the world, and every sector in Nigeria has a duty to rebrand and let the world understand how we are and what we are capable of.”

Also speaking, the newly appointed Minister of Industry, Trade, and Investment, Jumoke Oduwole, who was the immediate head of  the Presidential Enabling Business Environment Council (PEBEC), said this process will unlock the economy and boost the aviation business.

She expressed her commitment to support the process even with her more strategic position as the minister of Industry, Trade and Investment.

The chairman senate committee on banking and insurance, Senator Mukahin Adetokumbo, while speaking at the event, said this was coming at the right time and the ministry must ensure that all interests are balanced and sorted out before implementing the process.