What do you believe is the single most important factor driving up the cost of living in Nigeria?

He disclosed that the new rule of the National Insurance Commission is that every risk must be placed in the local market to enhance our local insurance companies, adding that by bending a bit to ensure that they give lessors the assurance that they can place the risk in the international market and let the operators bring their aircraft in.

Keyamo noted that if an airline purchases an aircraft, it is an international requirement that it has to be insured, but no insurance company can do that in Nigeria.

He added that many lessors are not operating in Nigeria because of insurance, a situation he said was killing the business.

Keyamo said, “But then, I apologise to say that most of them don’t have the capacity. So when you give them. they go and reassure again and that is a double amount for them too. That is why you are seeing a rise in the cost of tickets. The cost is too much. That is what translated to these high fares, and ticket prices we are seeing.

“So, we apologise to Nigerians, but then, we have a lot to do so that the prices will come down.”

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