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Boeing to assist Nigeria in securing aircraft insurance

Onwubuke Melvin
Onwubuke Melvin

Boeing International Corporation has expressed its willingness to support Nigerian airlines by helping them acquire aircraft and secure sufficient insurance coverage.

This initiative would be facilitated through collaborations with reliable lessors and global financiers.

The announcement was made during a meeting between Boeing and Nigerian aviation stakeholders in Dublin, Ireland, on Monday.

Recall Boeing in October, invited the Nigerian Minister of Aviation and Aerospace Development, Festus Keyamo, along with representatives from selected financial institutions, the Airlines Operators of Nigeria, aircraft financiers, and lessors to Dublin.

The purpose of the gathering was to address the ongoing aircraft shortage in Nigeria and find a sustainable solution.

During the meeting, Boeing also committed to assisting Nigerian airlines in securing premium insurance coverage for their aircraft, a service that local insurers currently lack the capacity to provide.

Speaking at the meeting, Boeing Sales Director, Africa Region Commercial Airlines, Moore Ibekwe, assured stakeholders of Boeing’s commitment to supporting the Nigerian aviation industry.

He emphasized that the company’s efforts would play a significant role in helping Nigerian airline operators mitigate risks and protect against potential losses.

He said, “One key aspect of aviation insurance in Nigeria is the requirement for aircraft operators to maintain adequate insurance coverage.

“Boosting the capacity of aviation insurance in Nigeria is essential to ensuring stability and safety through the financial soundness of insurance operators in the sector.

“This meeting is part of efforts the Nigerian government is making to address issues related to aircraft insurance in the aviation sector.”

Ibekwe also praised Nigeria for its leadership in the Cape Town Convention compliance index rating in Africa.

He highlighted that tracking funds by lessors is no longer a challenge in the Nigerian aviation sector, which, he noted, would help increase investors’ confidence in doing business with Nigerian airline operators.

Earlier at the event, Keyamo, addressed several critical industry concerns, including airline insurance placement, the ability of Nigerian airlines to meet financial obligations under challenging conditions, and issues related to withholding tax policies.

He also presented Nigeria’s plans to establish world-class maintenance, repair, and overhaul (MRO) facilities.

These initiatives aim to implement cost-effective aircraft maintenance, promote dry-leasing models, and concession airports to global operators, all of which are designed to enhance the appeal and competitiveness of the Nigerian aviation sector.

The minister further explained his ministry’s effort to position Nigeria as a West African aviation hub, leveraging its strategic location and population and widespread commendation.

Keyamo added that “the signing of the Cape Town Convention. As I speak with you, we are the only African country with a very high score of 75.5 percent as rated by the Aviation Working Group. We have also raised our safety and efficiency standards as required by ICAO and Annex 19 of the Chicago convention, and most of our airlines have attained their certification as I speak to you.

“We have also planned to put together the first international airshow in Nigeria, and that will be coming up from the 2nd to the 4th of December this year. We have never held an airshow before, but we are now confident enough to call the world to come and see what we are doing.”


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