The Nigeria Civil Aviation Authority (NCAA) and the National Insurance Commission (NAICOM) have signed a Memorandum of Understanding (MoU) aimed at boosting aviation insurance regulation and enhancing protection for airlines, passengers, and stakeholders in the sector.
The agreement, signed on Wednesday at the NCAA headquarters in Abuja, includes the creation of a Joint Technical Committee on Aviation Insurance to oversee compliance and improve risk management.
NCAA Director-General, Chris Najomo, described the partnership as a landmark step in reinforcing aviation safety, financial resilience, and regulatory compliance.
“Aviation remains globally recognised as the safest mode of transportation, yet it is exposed to high-impact risks. This partnership with NAICOM strengthens the foundation for operational safety and financial resilience in Nigeria’s aviation sector,” Najomo said.
He noted that the collaboration builds on years of cooperation between the two agencies, with NAICOM providing expert assessments of insurance policies obtained by aviation operators.
The MoU, he added, would deepen stakeholder confidence and support cost-efficient operations.
Director of Air Transport Regulation at NCAA, Babaoye-Iriobe, emphasised that aviation insurance is integral to the safety, stability, and sustainability of the industry.
She explained that effective oversight requires strong collaboration between regulators, adequate underwriting capacity, and contract certainty.
The agreement is expected to improve compliance, enhance information sharing, and provide a framework for tackling emerging challenges in aviation insurance.
It also aims to strengthen risk management, promote access to aircraft leasing and financing, and boost confidence across the aviation ecosystem.
Both agencies commended the Minister of Aviation and Aerospace Development, Festus Keyamo, for his leadership and support in driving reforms within the industry.
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