The Nigerian Insurers Association (NIA) has urged industry stakeholders and regulators to work together to unlock the AfCFTA’s economic potential for insurance growth in Africa. NIA Chairman Mr Kunle Ahmed made this appeal during the industry’s quarterly media briefing held in Lagos.

He stressed that collaboration would enable insurers to seize emerging opportunities and drive sustainable growth across the continent. Ahmed highlighted the importance of harmonising insurance regulations among African countries to reduce operational challenges and boost cross-border service delivery.

He said Nigerian underwriters were ready to expand into other African nations to harness AfCFTA benefits. He added, “Greater cooperation with regulators is essential.

A unified legal framework will guide operations across multiple territories.” He called on regulators and stakeholders to act in unity to unlock the full benefits of the AfCFTA. Ahmed also advised insurers, brokers, and loss adjusters to study local regulations in various countries for better engagement within AfCFTA.

He said the Nigerian insurance industry sees great promise in the AfCFTA and is already preparing to explore its potential fully.

He added, “These preparations are vital for positioning Nigeria as a regional insurance leader under the AfCFTA framework.” He noted that NAICOM is actively negotiating with African regulators to support cross-border insurance operations.

Ahmed recalled that NAICOM established the NII-AfCFTA Committee in May 2022 to coordinate the industry’s strategic approach to the trade pact. The committee works closely with the National Action Committee on AfCFTA and other stakeholders to maximise available benefits.