President Muhammadu Buhari disclosed that the FG is fully committed to the growth of Nigeria’s insurance industry, and will enable policies to support the growth not just in Nigeria but in Africa.

The President stated this at the virtual opening ceremony of the 47th African Insurance Organization (AIO) Conference and Annual General Assembly on Monday, according to NAN

What President Buhari said

The President stated that Nigeria’s insurance sector plays an important role in the economic diversification agenda of his presidency.

“There is a great future for the insurance industry in Africa. We only need to put the right mechanisms in place for it to thrive. I assure you that this administration has and will continue to support insurance growth in Nigeria and Africa at large.

“I commend the leadership of the AIO for its resilience, foresight and perseverance in ensuring that the African insurance market strives to meet its expectations in the global market, notwithstanding the prevailing challenges,” he said.

Buhari added that the theme of the conference “Rebuilding Africa’s Economy: An Insurance Perspective” came at a needed time to discuss economic policies to move Africa forward after the effect of the pandemic on the economy.

“The pandemic has indeed changed many perspectives that have forced leaders across the globe to think hard for remedies.

“I want to assure you that we in Nigeria are doing everything humanly possible to ensure a coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy in which I strongly believe the Insurance industry will have a vital role to play,’’ he said.

Buhari added that COVID-19 is still a serious challenge in many countries across the globe, citing that adequate protocols have been put in place to curb its spread and vaccination is in progress.

“We understand, as a government and nation, the need to frontally tackle some of the disruptions to our social, economic and health occasioned by the pandemic, by putting in place sufficient measures that allow the system to function.

“I once again use this opportunity to commend the Nigerian insurance industry for identifying with the government through the provision of life insurance packages for frontline medical and paramedical personnel in the course of this fight.

“Your support and solidarity in these times are highly appreciated,” the president added.

What you should know

According to the second-quarter Gross Domestic Production (GDP) report released by the Nigerian Bureau of Statistics (NBS), the finance and insurance sector contracted by 2.48% in Q2 2021, from contributing approximately N637 billion in the second quarter of 2020 to N621 billion in the second quarter of 2021. This shows a further deepening in the sector which declined by 0.46% in the first quarter of the year.