By Mariam Abeeb
The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have signed a Memorandum of Understanding (MoU) to strengthen regulatory compliance and risk protection in Nigeria’s aviation sector.
The agreement, signed in Abuja, is expected to provide a framework for ensuring that aviation insurance arrangements remain adequate, valid and responsive to emerging risks in the industry.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, described the agreement as a significant milestone in strengthening institutional collaboration between the insurance and aviation regulators.
Omosehin said the partnership reflected the commitment of both institutions to promoting the safety, integrity and resilience of Nigeria’s aviation ecosystem.
According to him, although NAICOM and NCAA have distinct statutory mandates, their responsibilities are closely linked in the areas of risk management, consumer protection and industry stability.
“The aviation industry occupies a strategic position in our economy, providing critical services that support commerce, tourism, investment and national development,” he said.
The commissioner said NAICOM would continue to provide regulatory oversight and technical expertise on insurance matters under the partnership, while supporting initiatives aimed at protecting Nigerians and improving compliance across the aviation and insurance industries.
He said the committee established under the agreement would facilitate information sharing, review insurance requirements, coordinate stakeholder engagements and promote capacity building for regulators and industry participants.
Omosehin assured the NCAA management of NAICOM’s full commitment to the effective operation of the committee, adding that the commission would provide the necessary technical expertise to enable it fulfil its mandate.
“hese measures will contribute significantly to improved regulatory effectiveness and enhanced confidence among stakeholders,” he said.
He explained that the partnership went beyond regulatory compliance, noting that it was also aimed at protecting policyholders and strengthening investor confidence in Nigeria’s aviation ecosystem.
According to him, insurance provides critical financial protection for passengers, airlines and members of the public by ensuring that legitimate liabilities, accidents and losses are appropriately addressed when they occur.
“Compulsory aviation liability insurance remains an important safeguard for air travellers and other users of aviation services.
“A robust insurance framework, therefore, promotes public confidence in air transportation, supports business continuity, and contributes to the stability required for sustainable economic growth,” he said.
Omosehin said the initiative was also aligned with the Federal Government’s broader economic ambition of building a $1 trillion economy by 2030 under the Renewed Hope Agenda.
He stressed that aviation safety and passenger protection were shared responsibilities that required sustained collaboration among regulators, operators, insurers and other stakeholders.
“Through effective cooperation between NAICOM and NCAA, we can better safeguard passengers, protect third parties and contribute to a safer, more resilient and more trusted air transport system,” he said.
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