The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru, has praised the administration of President Bola Tinubu for implementing series of reforms aimed at stabilizing prices and fostering economic growth.
Senator Abiru made the remarks on Tuesday, January 14, 2025, while addressing participants at airlines’ Economic Growth Frontiers Conference 2025 in Dublin, the capital of the Republic of Ireland.
The Senator, representing Lagos East showcased huge economic opportunities for the aviation and allied sectors in Nigeria, which he said President Tinubu’s administration had helped in stabilising.
“These include tax reforms, infrastructure projects, and initiatives to enhance financial inclusion.
“The local content policy is also being strengthened to ensure that Nigerian entrepreneurs, professionals and businesses play a central role in our economic growth and development,” Abiru said.
Speaking on the huge opportunities in Nigeria’s aviation sector, Senator Abiru said the Nigerian aviation industry, which is the largest in Africa with high domestic air travel demand, has tremendous potential to expand more and create huge returns on investments for visionary investors.
He reinstated the commitment of Nigerian government to ensuring a conducive business environment through improvement of infrastructure, and ensuring that the regulatory framework meets international standards.
Senator Abiru also highlighted the crucial role the insurance sector plays in aviation growth, saying: “Insurance plays a critical role in the aviation industry by providing the necessary risk coverage for airlines and other stakeholders.
“The Nigerian insurance sector has demonstrated its capacity to underwrite aviation risks and fulfil claims obligations effectively. This is crucial and should provide comfort and confidence among investors and operators in the industry.”
He said that the recently passed Nigerian Insurance Industry Reform Bill, sponsored by the Senate Committee which he chairs, is a testament to the commitment to strengthening and ensuring the safety and soundness of the insurance sector.
According to him, the bill includes provisions for recapitalization, risk-based capital, an insurance policyholders’ protection fund, risk-based supervision, and up-to-date insurance legislations in conformity with the International Association of Insurance Supervisors (IAIS) standards, among many others.
