The Nigerian government has approved a ₦1.09 billion insurance package to protect key infrastructure and personnel at 16 federally managed airports across the country.
Speaking after the latest Federal Executive Council (FEC) meeting, Aviation and Aerospace Development Minister Festus Keyamo confirmed that the decision aligns with a government directive requiring Ministries, Departments, and Agencies (MDAs) to insure critical national assets.
According to Keyamo, airport infrastructure had remained uninsured for years, posing significant risks. The new coverage plan ensures comprehensive protection for both airport facilities and workers under the Federal Airports Authority of Nigeria (FAAN).
The contract, worth ₦1,097,137,102.48 (including VAT), will be in effect for one year after FAAN finalizes the premium payment. Five insurance companies were selected to manage the coverage, with Leadway Assurance Company Limited as the primary underwriter, alongside Cornerstone Insurance Plc, Linkage Assurance Plc, NEM Insurance Plc, and Anchor Insurance Plc.
In a related development, the government has also approved a policy to boost local manufacturing in the leather and footwear industry, with an emphasis on empowering female entrepreneurs.
Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim, revealed that an initial ₦500 million investment has been earmarked to provide startup resources for women in the sector. The initiative, led by the Ministry of Innovation, Science, and Technology, is designed to increase female participation in industrial production and drive economic growth.
Sulaiman-Ibrahim also highlighted the global demand for Nigerian leather, revealing that Louis Vuitton sources its raw materials from the country. She emphasized the potential of the leather industry, comparing its economic value to gold.
Additionally, she noted a historic drop in food prices during Ramadan, attributing it to well-structured government policies. She praised President Tinubu’s administration for ensuring affordability and accessibility of essential goods, particularly during the fasting period.
With strategic policies focused on infrastructure security, economic empowerment, and industrial growth, the government continues to drive key reforms aimed at sustainable development.