As part of measures to meet international standards and attract foreign investors, the federal government has directed theMinistry of Aviation And Aerospace Developmentto begin the process of insuring aircraft operated by Nigerian airlines.

The Minister of Aviation and Aerospace Development, Festus Keyamo stated this in Abuja on Wednesday, when he met stakeholders in the aviation industry.

At a stakeholder’s engagement meeting on insurance, the Minister disclosed that Vice President, Kashim Shettima directed the ministry to commence the process and ensure that the aircraft operating in Nigeria by Nigerian airlines are insured.

He explained that the insurance will create a conducive environment for doing business and attract foreign investors.

Speaking at the end of the meeting, the Minister said: “We had a very robust discussion and I am very grateful to the leadership of the National Assembly on insurance. They were here, and they provided useful support and guidance to all of us regarding how they were also thinking.

“The Airline Operators of Nigeria (AON) and the National Insurance Commission (NAICOM) spoke their minds, and I think we are beginning to understand ourselves.

“We have resolved that there is a need for further engagement on this issue. We also have decided that there is a need for the AON and NAICOM to further engage international resources and finances to understand their position and their capacity.

“The capacity they have is part of the rebranding of the Nigerian image to the world, and every sector in Nigeria must rebrand and let the world understand how we are and what we are capable of,” he stated.

The new Minister of Industry, Trade, and Investment, Jumoke Oduwole said the process will unlock the economy and boost aviation business.

She expressed commitment to support the process as the minister of Industry, Trade and Investment.

The Chairman Senate Committee on Banking and Insurance, Senator Mukhail Adetokunbo charged the ministry to ensure that all interests protected. (The Nation)