The Federal Government of Nigeria is taking steps to address issues related to aircraft insurance in the Nigerian airline sector. The Honourable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo disclosed this after a meeting with the Commissioner for Insurance/ Chief Executive Officer of the National Insurance Commission, NAICOM, Mr. Olusegun Ayo Omosehin and his delegation who were on a working visit to the Honourable Minister.
According to Mr. Keyamo, the discussions were centered on “aircraft insurance and how to find a way forward on the insistence of aircraft lessors around the world on placing the risk of dry leasing of aircrafts in the international market.”
The Honourable Minister said the meeting is also part of the government’s ongoing efforts to “develop enough policies to empower our local operators for them to compete internationally with the best airlines in the world.”
Issues around aircraft insurance has been touted as one of the reasons for the lack of capacity in the Nigerian airline industry. On the other hand, the insurance sector argues that insuring aircraft in Nigeria is to boost local content in the country’s aviation sector.