Bola Onigbogi, the outgoing president of the National Council of Registered Insurance Brokers, NCRIB has stated that the insurance industry has the capacity to cater for 5,000 graduates yearly.

She said this while delivering a speech during the investiture of Barrister Rotimi Edu, as the 21st President of the council, in Lagos.

Noting that the industry falls short of expectations compared to other countries, she called on the new leadership of the association to make decisions that will take the council to a higher pedestal.

What Onigbogi is saying

Onigbogi said, “Insurance industry in other climes contributes majorly to the gross domestic product of their nations. With estimated population of over 200 million Nigerians, it is expedient to state that the industry has the capacity to engage a minimum of over 5,000 graduates yearly.

“It can only be imagined how the industry could have been a useful instrument to drive home the vision of the current administration of creating employment across the nation. The influence and involvement of Government can change the whole narrative. I need not say much on this.”

Finance Minister, Zainab Ahmed, while speaking during the investiture, urged insurance sector operators to leverage the current support by the federal government in boosting the image of the sector by impressing the value of insurance as a financial instrument for protection and sustainability in the heart of the general public and businesses.

She charged insurers to stick to a good working relationship saying this will, in turn, improve the fragile image and perception of the sector by the populace.

Speaking on challenges confronting businesses and the insurance sector, she noted that the world has moved many paces ahead of Africa on so many fronts in insurance practice and governance.

The insurance sector is a knowledge-based industry which must take the issue of training of its members seriously in order to update itself with current realities across the globe.

By training and retraining, the sector can adequately equip practitioners with modern techniques and practice from the traditional ways of doing business to more robust, all-inclusive and diversified channels of reaching our huge potential client,” she said.

Similarly, the minister called on insurance brokers to embrace relevant technologies aimed at making the insurance market grow especially at a time that the commission’s cardinal objective is centred on deepening penetration and developing the market. She cited that extreme times like this require extreme measures to reach out to the nooks and crannies of the country.

Challenging brokers to tap the huge market, she said, “I want to challenge the intermediaries that there is a huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness.”

She also proposed partnership with other stakeholders perceived as progress partners in consumption as well as supply or distribution of insurance products in the country as the market urgently need to work together with the necessary people if they want to make an impact.