Nigeria’s record-breaking 91.45 percent performance in the recent International Civil Aviation Organisation (ICAO) safety audit was expected to act as a catalyst for reducing the exorbitant insurance premiums paid by local airlines. However, industry stakeholders warn that this milestone, which is the highest in the nation’s history, may fail to provide financial relief. A volatile foreign exchange rate and an expensive third-party insurance culture continue to erode potential gains.
Airlines generate revenue in naira but must settle insuran
