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Air safety: Aircraft insurance drops by about 75% in Nigeria

Following improved safety in Nigeria’s aviation industry, insurance premium on aircraft dropped by about 75 per cent, the Commissioner/CEO, Accident Investigation Bureau, Nigeria, Mr Akin…

Following improved safety in Nigeria’s aviation industry, insurance premium on aircraft dropped by about 75 per cent, the Commissioner/CEO, Accident Investigation Bureau, Nigeria, Mr Akin Olateru, has said.

He said an aircraft that was hitherto insured for about $800,000 was now being insured for between $150,000 and $200,000.

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He spoke when the Joint Committee on Aviation of the National Assembly visited the bureau for an oversight function on Wednesday in Abuja.

He said this happened because the Nigerian airspace was safer now than ever before and that it was because it had one of the best air accident-free records in the world, noting that in the last six years only one helicopter crashed with three fatalities.

He further said that with less insurance premium, this represented more money for the airlines which could be used for other investments, noting that it was all impacting the economy, as well as representing less capital flight.

The AIB commissioner also prayed to President Muhammadu Buhari to sign into law the Nigerian Safety Investigation Bureau (NSIB) Bill as it would have a huge impact on safety across several modes of transportation like maritime and rail.

In his comments, Hon Nnolim Nnaji, House Committee Chairman on Aviation, also called on the president to sign the NSIB into law because of its benefits to the economy.

He said following the enormous work the AIB was doing despite its poor revenue position they would make a case for the increment of the bureau’s budgetary provision.

 

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