Aircraft manufacturer Boeing International Corporation has expressed readiness to assist Nigerian airlines in securing aircraft as well as to access adequate aircraft insurance coverage through partnerships with buoyant lessors and global financiers.
This was made known at a meeting of the manufacturing company with Nigerian aviation stakeholders in Dublin, Ireland, on Monday.
It will be recalled that in October, the leading aircraft manufacturer invited the Minister of Aviation and Aerospace Development, Festus Keyamo; selected financial institutions in Nigeria; members of the Airlines Operators of Nigeria; aircraft financiers; and lessors to Dublin to find a lasting solution to the aircraft shortage in Nigeria.
The company also promised to help Nigerian operators secure a premium insurance package to insure their aircraft, a capacity Nigerian insurers do not have.
Speaking at the meeting, Boeing Sales Director, Africa Region Commercial Airlines, Moore Ibekwe, assured stakeholders of Boeing’s readiness to support the Nigerian aviation industry.
According to Ibekwe, such effort will contribute significantly to enabling Nigerian airline operators to mitigate risks and guard against 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,” he said.
Ibekwe further hailed Nigeria for leading 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. This, according to him, will boost investors’ confidence to do business with operators in Nigeria.
Also speaking earlier at the event, the minister addressed critical industry concerns such as airline insurance placement, the reliability of Nigerian airlines in meeting financial obligations under challenging conditions, and issues surrounding withholding tax policies.
He also showcased Nigeria’s plans to establish global-standard maintenance, repair, and overhaul facilities, implementing cost-effective aircraft maintenance to encourage dry-leasing models and concession airports to global operators to enhance their appeal and competitiveness.
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.”