The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, has reaffirmed the ministry’s commitment to rebranding Nigeria’s image globally.
According to the ministry, it will do this by involving the Nigerian Insurance Association (NIA) in aircraft insurance and addressing local content requirements for international financiers and insurers.
At a recent stakeholder engagement meeting in Abuja titled “Creating New Partnerships Between Nigerian Insurance Association and Airline Operators of Nigeria,” Keyamo stressed the importance of aligning with global standards while protecting Nigeria’s aviation interests.
“There’s a need for the NIA to engage with international lessors and financiers to understand our local capacity and their expectations,” he said. “I will speak to all stakeholders about balancing aircraft insurance demands with our local content requirements.”
Keyamo explained his role in supporting local aviation operators while meeting the needs of international lessors who often prefer to place insurance risks in international markets. A resolution was reached between the Airline Operators of Nigeria and the NIA to continue engaging on these issues.
As part of the initiative to promote Nigeria’s image, Keyamo revealed that the Ministry, along with representatives from the National Assembly and other key stakeholders, has been invited to Dublin for further discussions with international financiers. “This is a challenge for all sectors to participate in rebranding Nigeria,” he added, recognising NAICOM’s role in offering guidance on the matter.
The Minister of Trade and Investment, Dr. Jumoke Oduwale also emphasised the potential benefits for Nigeria’s economy. “The collaboration will have a significant impact, and both sectors stand to experience substantial growth,” she noted.
Chairman of the House Committee on Banking, Insurance and Financial Institutions, Sen. Adetokunbo Abiru highlighted the importance of local content in balancing economic interests in aviation. “Insurance must develop channels to manage these challenges, as it has done in the oil and gas sector,” he stated.
The commissioner for Insurance, NAICOM, Olusegun Omosehin stressed that the meeting aimed to advance Nigeria’s interests, adding that NAICOM is responsible for regulating, supervising and developing the insurance sector to protect local consumers and economy. Omosehin commended the aviation ministry’s efforts and called for all parties to actively support Nigeria’s rebranding by countering any negative perceptions.
“Any act that de-markets Nigeria as a nation should be discouraged,” he urged.
