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Senator Tokunbo Abiru Speaks At Airlines Conference In Ireland, Says Tinubu’s Bold Reforms, Insurance Reforms Bill Are Catalysts For Aviation Sector Growth







The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA, on Tuesday addressed the airlines Economics 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. He stressed that the administration of President Bola Tinubu, has implemented a series of reforms aimed at stabilizing prices and fostering economic growth. 

“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 Nigeria 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 Nigeria's government to ensuring a conducive business environment, by improving infrastructure, and  ensuring that our regulatory framework meets international standards. 

Senator Abiru also highlighted the crucial role the insurance sector plays in aviation growth, he said, “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 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.

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