The National Insurance Commission NAICOM is urging the Nigerian insurance sector to be in the frontline for niche market holders in the African Continental Free Trade Area where its potential to excel well beyond its local boundaries and across the continent already exists.
In a message to the industry the Commissioner for Insurance Olusegun Ayo Omosehin, charged the Nigerian insurance industry AfCFTA Committee which is chaired by Mrs. Ekeoma Ezeife, who is also the Deputy President, Nigerian Council of Registered Insurance Brokers, not to relent in creating lasting awareness of the potentials to explore for Nigerian players in the combined $3.4tr trade in goods and services in the single continental market of 1.3 billion people.
The agreement founding the body was brokered by the African Union (AU) and signed by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018 and ratified in May 1919 and officially commenced in January 1, 2021, with headquarters in Accra, Ghana where negotiations and implementation are overseen. The commanding objective is to grow world largest economic bloc of intra African trade and economic integration and competitiveness among African companies across different sectors. Omosehin said the economic bloc has immense benefits for Nigeria insurance sector. Which is he cleared the Commission has thrown its weight and full support for the sector to take full advantages of the opportunities that have been created by AfCFTA.
According to him, the Commission has thrown our weight fully behind this Committee because of its belief in the potential and ability in Nigerian sector to excel even beyond the Nigerian borders. “So let us be prepared let us innovate and indeed let us grow and be developed and venture even beyond the shores of Nigeria. I have absolute confidence in the ability of the the Nigerian insurance sector to excel anywhere across the continent and even beyond. I am enjoining everyone to take full advantage of this opportunity.”
