Market News
Boeing to support Nigerian airlines with access to aircraft insurance - THE NATION
Boeing, a US aircraft manufacturer, says it is ready to assist airlines in Nigeria in accessing adequate aircraft insurance coverage through partnerships with buoyant lessors and global financiers.
Moore Ibekwe, Boeing’s commercial sales director, spoke during a meeting on the kick-off of the ‘Boeing Lessor Forum’ in Dublin, Ireland.
The forum is scheduled to hold from January 12 to January 15.
Ibekwe said the insurance coverage would significantly enable Nigerian airline operators to mitigate risks and guard against losses.
“One key aspect of aviation insurance in Nigeria is the requirement for aircraft operators to maintain adequate insurance cover,” he said.
“Boosting the capacity of aviation insurance in Nigeria is essential to ensuring stability and safety through 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 securing the first position in the Cape Town Convention compliance index rating in Africa.
The director added that tracking funds by lessors is no longer an issue in the Nigerian aviation sector.
On her part, Rose Lereece, organiser of the ‘Nigerian Aviation Forum’ start-off meeting, urged the delegation from Nigeria to take advantage of the opportunities offered by the event to attract businesses that would advance the country’s aviation sector.
In October 2024, Boeing announced plans to organise a forum to bridge the gap between Nigerian airline operators and foreign investors.
The move came after the federal government officially signed the Cape Town Convention (CTC) practice direction to enable domestic airline operators to access aircraft on dry lease the previous month.
