Yesterday, Senate Committee on Banking, Insurance, and Other Financial Institutions Chairman Mukhail Adetokunbo Abiru described how the Tinubu administration’s economic reforms would act as a spur for the aviation industry’s expansion.
He spoke as the keynote speaker at the 2025 Airlines Economics Growth Frontiers Conference in Dublin, Ireland.
The senator from Lagos East highlighted the enormous economic potential for Nigeria’s aviation and related industries while highlighting the measures put in place by President Bola Tinubu to stabilize prices and promote economic expansion.
According to Abiru, these consist of measures to improve financial inclusion, infrastructure improvements, and tax reforms. According to Abiru, the local content policy is also being reinforced to guarantee that Nigerian professionals, businesses, and entrepreneurs are at the forefront of our economic development and progress.
Abiru spoke on the enormous potential in Nigeria’s aviation business, which is the biggest in Africa and has a high demand for domestic air travel. He claimed that the industry has the ability to grow significantly and generate enormous returns for investors with a clear vision.
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Through the improvement of infrastructure and the maintenance of an international-standard regulatory framework, he restored Nigeria’s government’s commitment to establishing a favorable business environment.
The importance of the insurance business to the expansion of the aviation sector was also emphasized by Senator Abiru, who stated, “Insurance plays a critical role in the aviation industry by providing the necessary risk coverage for airlines and other stakeholders.” The Nigerian insurance industry has proven that it is capable of effectively fulfilling its claims duties and underwriting aviation risks. This is very important and should provide investors and industry participants peace of mind and confidence.
According to him, the Senate Committee he leads sponsored the recently passed Nigerian Insurance Industry Reform Bill, which demonstrates 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, contemporary insurance laws that adhere to the International Association of Insurance Supervisors (IAIS) standards, an insurance policyholders’ protection fund, and risk-based supervision.
