The Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has taken a significant step toward reshaping Nigeria’s aviation insurance landscape by organizing a high-level stakeholder engagement aimed at fostering collaboration between the Nigeria Insurance Association (NIA) and the Airline Operators of Nigeria (AON).
This strategic meeting held at Transcorp Hilton Hotel, Abuja, brought together major industry players to address long-standing concerns about aviation insurance in Nigeria, marking a milestone in the country’s commitment to aviation growth and insurance sector reform, according to a statement from Mr. Tunde Moshood, Special Adviser on Media and Communications to the Honourable Minister of Aviation and Aerospace Development.
Co-chaired by the Honourable Minister of Industry, Trade, and Investments, Mrs. Jumoke Oduwole, the event featured esteemed figures including Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking; Hon. Usman Ahmed Jaha, House of Representatives member; and Dr. Emmanuel Meribole, Permanent Secretary of the Ministry of Aviation and Aerospace Development.
Representatives from Nigeria’s aviation and insurance sectors, including Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines, and Capt. Roland Iyayi of TopBrass, also contributed insights to the discussion.
The forum highlighted the crucial need for enhanced cooperation between airlines and insurers to streamline insurance processes for Nigerian carriers.
AON members expressed concerns that insuring aircraft with local providers often incurs operational challenges, hampering full engagement with Nigerian insurers. Olusegun Ayo Omosehin, Chairman of the National Insurance Commission (NAICOM), refuted these misconceptions, emphasising the Nigerian insurance industry’s capacity to handle aviation-related risks and meet international standards.
Representatives from Nigeria’s aviation and insurance sectors, Prof. Obiora Okonkwo, Chairman of United Nigeria Airlines, and Capt. Roland Iyayi of TopBrass,
A panel session moderated by the aviation minister allowed AON representatives to voice their reservations directly to NAICOM leaders. Director-General Bola Odukale of the NIA led a presentation dispelling industry myth, showcasing Nigeria’s insurance strengths, and reinforcing the industry’s alignment with global benchmarks.
The meeting concluded with a commitment to further dialogue and awareness initiatives aimed at bolstering confidence in Nigeria’s insurance market among both local and foreign underwriters. In a promising development, representatives from both sectors pledged to participate in the upcoming Economic Conference in Dublin, Ireland, set for January 12-15, 2025. This global platform will allow Nigeria to engage with international leasing companies and demonstrate the country’s dedication to progressive aviation reforms.
The Minister praised all participants for their honest contributions, expressing optimism that the dialogue has laid the groundwork for transformative changes in Nigeria’s aviation insurance sector. The collaboration represents a new chapter of trust and mutual growth, positioning Nigeria to strengthen its aviation industry and economy on a global scale.
