Business
Satellite Data Powers New Era of Insurance Expansion in Nigeria
L-R Dr Usman Jankara (Deputy Commissioner Technical; National Insurance Commission), Dr Mathew Olumide Adepoju (Director General NASRDA), Mr Olusegun Ayo Omosehin (Commissioner for Insurance National Insurance Commission) and Mr Ekerete Ola Gam-Ikon (Deputy Commissioner Finance and Administration National Insurance Commission)
BY NKECHI NAECHE-ESEZOBOR—Nigeria’s insurance industry is set for a Satellite Data Powers New Era of Insurance Expansion in Nigeria transformation as the National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) move to harness satellite and geospatial technology to deepen market penetration, strengthen enforcement, and modernize risk management nationwide.
At a high-level meeting between both institutions, leaders agreed on a strategic partnership that will deploy space-based intelligence to unlock new insurance opportunities, improve compliance, and support broader economic resilience. The initiative signals a shift toward data-driven regulation and innovation in Nigeria’s insurance ecosystem.
Director General of NASRDA, explained that the partnership would harness NASRDA’s geospatial and satellite capabilities to generate accurate, evidence‑based datasets. According to him, these datasets will underpin modern insurance products, strengthen regulatory enforcement, and unlock economic value at both federal and sub‑national levels. He further highlighted the importance of insurance in safeguarding high‑value national assets, citing a previous insured satellite replacement as a practical demonstration of insurance effectiveness in managing sovereign risk.
On his part, Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, emphasized that the initiative aligns strongly with NAICOM’s strategic transformation agenda and its commitment to swift, results‑oriented reforms. He noted the opportunity to deploy geospatial intelligence to identify public buildings and other insurable assets for compulsory coverage, as well as to support the development of a robust national catastrophic risk insurance framework.
NAICOM reaffirmed its core regulatory pillars—policyholder protection, regulatory capacity enhancement, legal and regulatory modernization, financial soundness through recapitalization, and innovation and sustainability—underscoring that the partnership directly advances its innovation and access objectives.
Under the partnership framework, both agencies will collaborate on the development of a national catastrophic insurance framework, high‑resolution property mapping and the creation of a national property database, enhanced enforcement of compulsory insurance for public buildings, and the advancement of insurance penetration through innovation and sustainability initiatives.
The post Satellite Data Powers New Era of Insurance Expansion in Nigeria appeared first on Business Today NG.
Enugu State is counting on its new airline and the concession of the Akanu Ibiam International Airport, enugu, to support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031, the Secretary to the State Government, Chidiebere Onyia, said on Tuesday.
Mr Onyia spoke during the Renewed Hope Media Tour of the airport, where he outlined how the state government’s plans to use aviation, tourism, and agriculture to drive economic growth.
According to him, the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South-east.
“We looked at Enugu as an economic hub where tourism, hospitality, investment and aviation can work together to drive growth,” he said.
Mr Onyia said the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.
He explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state.
According to him, depending entirely on commercial airlines could limit the state’s ability to move people into Enugu efficiently.
That, he said, informed the decision to establish Enugu Air.
“If we’re expecting people to come into Enugu, then we can’t depend solely on third-party airlines based on their schedules,” he said.
Mr Onyia disclosed that Enugu Air has six aircraft, describing it as the first phase of the project.
The state government also expects the aviation project to support tourism development.
Mr Onyia said efforts are ongoing to revitalise tourist sites across the state, including attractions expected to draw more visitors to Enugu.
He said that improved access to the state would complement investments in tourism and hospitality by making it easier for visitors to travel to various destinations.
“If people are going to come here for tourism, they need to be able to get into Enugu, and when they get into Enugu, we’ll need places for them to visit,” he said.
He also noted that the airport infrastructure will also support the state’s agricultural development plans through cargo operations.
According to him, the cargo terminal will make it easier to move goods and agricultural produce within and outside the state, creating more opportunities for businesses and investors.
“This is also going to help our agricultural investment outlook because this is where the cargo terminal will be, where we can move things in and out of the state,” he said.
He added that the government’s vision is to use aviation infrastructure to strengthen trade and economic activities across the region.
Private sector-led approach
Mr Onyia said the state adopted a private sector-driven model for the airline and airport projects to ensure efficiency and sustainability.
According to him, professionals with industry experience have been involved in developing the airline and setting up its governance structure.
He said the approach is intended to avoid challenges often associated with direct government management of commercial enterprises.
READ ALSO: ENSSAA to begin enforcement against unauthorised outdoor advertisements across Enugu State
Providing an update on the airport concession process, Mr Onyia said October has been set as the timeline for the next phase of activities.
He explained that the current stage marks an important milestone in the project and will allow concessionaires and contractors to begin work at the site.
Mr Onyia also acknowledged the support of President Bola Tinubu and the Federal Ministry of Aviation in advancing the project.
According to him, federal approvals helped move the initiative from the planning stage to implementation.
The concession of the Akanu Ibiam International Airport followed approval by the Federal Executive Council as part of efforts to attract private investment into airport infrastructure.
In January, the Minister of Aviation and Aerospace Development, Festus Keyamo, signed a concession agreement with Aero Alliance for the operation of the airport.
Under the arrangement, ownership of the airport remains with the Federal Government, while the concessionaire will operate, maintain, and upgrade the facility.
The project has attracted public attention in recent months as the Federal Government and Enugu State continue efforts to re-position the airport as a major gateway for business, tourism and trade in the South-east.
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