The Minister of Aviation and Aerospace Development, Festus Keyamo, convened a key stakeholders’ summit on Thursday to address local insurance challenges faced by airlines in Nigeria, with a focus on fostering stronger partnerships between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON). The summit aimed to ease operational burdens for airlines and streamline the insurance process within the sector.
The event, which took place at Transcorp Hilton Hotel in Abuja, also served as a platform for discussing solutions to the ongoing concerns surrounding aviation insurance in Nigeria. Keyamo emphasized the need to address issues that have hindered the full utilization of local insurance providers in the aviation industry.
During his address, Keyamo hinted that over 150 aviation companies have expressed interest in participating in the upcoming Nigeria International Airshow, scheduled for April 2025. This development signals growing excitement and momentum ahead of the landmark event.
Co-chaired by the Minister of Industry, Trade, and Investments, Mrs. Jumoke Oduwole, the summit brought together influential figures from both the aviation and insurance sectors. Notable attendees included 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.
Representatives from Nigeria’s aviation industry, including Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines, and Capt. Roland Iyayi of TopBrass, also participated, alongside officials from the Presidential Enabling Business Environment Council (PEBEC). The event facilitated constructive discussions between stakeholders, aimed at tackling the issue of insurance in Nigeria’s aviation sector.
Keyamo’s ministry noted that the collaboration marks a critical step toward resolving concerns raised by AON members, who have cited the additional operational costs of insuring aircraft with Nigerian insurers. These concerns have previously impeded the wider use of local insurers in the sector.
A panel session moderated by Keyamo provided an opportunity for AON representatives to voice their reservations, prompting a response from the leadership of NAICOM. Olusegun Ayo Omosehin, Chairman of NAICOM, reassured the attendees, refuting misconceptions about Nigeria’s reinsurance capacity. He affirmed that Nigerian insurers are well-equipped to handle the risks associated with the aviation industry.
Leaders from NIA, including Director-General Bola Odukale, also presented data and evidence to dispel misconceptions, underscoring the local industry’s compliance with international standards and its ability to meet the unique needs of the aviation sector.
The summit concluded with an agreement to continue the dialogue and undertake further engagement initiatives. Stakeholders emphasized the importance of reassuring foreign insurers about Nigeria’s robust insurance capabilities, which will be vital in positioning Nigeria as a competitive player in the global aviation market.
Looking ahead, both the aviation and insurance sectors have committed to participating in the upcoming Economic Conference in Dublin, Ireland, scheduled for January 12-15, 2025. The conference will provide an opportunity to engage with global leasing companies and highlight Nigeria’s commitment to aviation growth and insurance reform.
In addition to the insurance summit, Keyamo highlighted the growing interest in the Nigeria International Airshow (NIA), a major event aimed at promoting Africa’s aviation industry and driving economic growth. He noted that the airshow would bring together key industry stakeholders, investors, regulators, and government bodies to share insights, foster intra-African trade, and explore new investment opportunities.
“The Nigeria International Airshow will be a game-changer for Nigeria’s aviation industry,” Keyamo stated. “This event will not only showcase our country’s aviation potential but also promote economic activities and infrastructure development. By highlighting our airports and aviation infrastructure, the airshow will attract investors and collaborators to support the growth of the sector.”
The event, set to take place over three days, is expected to become a cornerstone of Nigeria’s efforts to position itself as a leading aviation hub in Africa.
