The Nigerian Council of Registered Insurance Brokers (NCRIB) at the weekend commended the federal government on the recent appreciation of the Naira.
The President of the Council, Mr Kayode Okunoren, told newsmen in Lagos that the recent appreciation of the Naira against other foreign currencies had brought succour to Nigerians.
He said: “It is heart-warming that in the last few weeks, the Naira has been appreciating against other foreign currencies, bringing a little succour to Nigerians.
“To all intents, the efforts of government through the Central Bank of Nigeria (CBN) in this regard are quite commendable.’’
The NCRIB, however, said that firming up of the Naira should be more systemic to sustain the trend.
“Government must be unrelenting in promoting the production of local products that could be exported to earn foreign exchange in the international market.
“Our diversification initiatives must be followed through while there should be a renewed campaign in re-orientating the minds of the citizens away from over dependence on foreign goods and services,’’ he said.
Okunoren commended the initiative of the federal government at creating an enabling environment for business operations in Nigeria.
He said: “President Muhammadu Buhari’s administration has dismantled all inhibitions against business initiation and growth in the country.
“The federal government is already engaging strategic stakeholders in working out the modalities and it is the belief of the Council that the insurance industry should be involved in the process.
“The insurance industry involvement is compulsory in the view of its pivotal place in business development.
“As we are all aware, business growth must definitely come with risks which require professionals to handle and manage.
“Notwithstanding, the NCRIB would always seek ways to make contributions towards this lofty initiative that is capable of ensuring a robust business growth and survival of our national economy.’’
Okunoren also commended the National Insurance Commission (NAICOM) and Nigeria Insurance Association (NIA) on re-energising the campaign towards enforcement of compulsory insurance in Nigeria as enshrined in the Insurance Act.
He said the effort would enhance the industry’s contributions to the nation’s Gross Domestic Product (GDP) as well as reduce exposures to risks by members of the public.
“Also, the consideration given to Nigeria Fire Service would assist the institution in undertaking its statutory responsibilities of fire prevention without recourse to government as the practice at present,’’ he said.