Abiru: Tinubu’s reforms, Insurance bill key to aviation growth

Mukhail Adetokunbo Abiru, the chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, described yesterday how the Tinubu administration’s economic reforms would act as a spur for the expansion of the aviation industry.

In Dublin, Ireland, he addressed at the 2025 Airlines Economics Growth Frontiers Conference.

The senator for Lagos East emphasized that President Bola Tinubu has put in place some changes meant to stabilize pricing and promote economic growth, while showcasing the enormous economic potential for Nigeria’s aviation and related industries.

“These include initiatives to improve financial inclusion, infrastructure projects, and tax reforms,” Abiru stated. In order to guarantee that Nigerian professionals, businesses, and entrepreneurs are at the forefront of our economic development and progress, the local content policy is also being reinforced, Abiru stated.

Speaking on the enormous potential in Nigeria’s aviation sector, Abiru stated that the country’s aviation business, which is the biggest in Africa and has a high demand for domestic air travel, has the potential to grow significantly and generate enormous profits for investors with a clear vision.

He reaffirmed Nigeria’s government’s commitment to creating a business-friendly atmosphere by enhancing infrastructure and making sure our legal system complies with global norms.

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“Insurance plays a critical role in the aviation industry by providing the necessary risk coverage for airlines and other stakeholders,” Senator Abiru added, highlighting the vital role the insurance industry plays in the expansion of the aviation sector. The ability of the Nigerian insurance industry to underwrite aviation risks and successfully fulfill claims commitments has been proven. This is important and ought to provide investors and business owners peace of mind and confidence.

He said that the recently enacted Nigerian Insurance Industry Reform Bill, which was supported by the Senate Committee he leads, is evidence of the dedication to bolstering and guaranteeing the stability and safety of the insurance industry. He claims that among many other things, the bill contains provisions for risk-based capital, recapitalization, an insurance policyholders’ protection fund, risk-based supervision, and current insurance laws that adhere to the International Association of Insurance Supervisors (IAIS) standards.