The Commissioner for Information/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, has challenged players in the sector to start thinking about expanding beyond the Nigerian borders.
This was disclosed in a recorded video message to the stakeholders, which was posted on Monday.
Omosehin said this against the background of the African Continental Free Trade Area, which was founded in 2018, with trade commencing as of January1, 2021. It was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations. The free trade area is the largest in the world in terms of the number of participating countries since the formation of the World Trade Organisation.
The CFI also revealed that a Nigerian Insurance Committee on AfCFTA has been set up to prepare the insurance sector to harness the potential of the continental trade agreement.
He said, “The AfCFTA committee is a committee of the industry that comprises every arm of the market: the underwriting, the brokering, and the adjusting arm, which is aimed at taking full advantage of the opportunities that have been created by AfCFTA. Barrister Ekeoma Ezeibe is the chairperson of the committee saddled with the responsibility of sensitising and creating awareness within the Nigerian market so that we can effectively take advantage of growth opportunities that the AfCFTA presents, and we are throwing our weight fully behind this committee because of our belief in the potential and the ability of the Nigerian insurance sector to excel beyond the Nigerian borders.
“So, let us be prepared, let us innovate, and indeed, let us grow and be prepared to develop even beyond the shores of Nigeria. I have absolute confidence in the insurance sector of Nigeria to excel anywhere across the continent and even beyond.”
He urged the players in the industry to take full advantage of the opportunities of the AfCFTA.
NAICOM has in recent times entered into partnerships with multiple government agencies like the police, Fire Service, Federal Road Safety Corps, and even Nigerian Electricity Management Services Agency to boost insurance penetration and awareness in the country.
