Insurance

Insurance industry is a major recipient of recession – NCRIB boss

From left: Assistant Executive Secretary of the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Adaramola; President, Kayode Okunoren and
Executive Secretary, Fatai Adegbenro at the event.

Leave a comment and share

Chuks Udo Okonta

The insurance industry is one of the greatest recipients of the recessive economy, the President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has said.

He disclosed this on Friday, at the 2017 first quarter press conference, organised by the council in Lagos, adding that the impact of the recession was much on the industry due to poor acceptance of insurance by the public and the low appreciation of its cardinal place in people’s order of priorities.

He posited that it is a known fact that insurance is often made the least of consideration and as such suffers greatly at a time of economic recession.

He was optimistic that the trend would definitely change with the sustained tempo of awareness creation and adherence to ethics and professionalism on the part of operators.

“Generally, as you know, it is not the best of the moment for Nigeria economy, even though, recent reports have indicated that there is a ray of hope in the horizon. It is quite saddening that the insurance industry is one of the greatest recipients of the recessive economy in Nigeria, in view of its poor acceptance by the public and the low appreciation of its cardinal place in people’s order of priorities,” he said.

On the need to leverage insurance for economic good, he called on the government, especially the Presidential Committee on Ease of Doing Business, to engage the industry in the process, in view of its pivotal place in business development.

“I must not fail to appreciate the initiative of the Federal Government on its efforts in creating an enabling environment for business operations in Nigeria. The Presidential Committee on Ease of Doing Business has the onerous task of dismantling all inhibitions against business initiation and growth in the country.

“Whilst the Committee is already engaging strategic stakeholders in working out the modalities, it is the belief of the Council that the insurance industry should be involved in the process in 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 will always seek ways to make contributions towards this loft initiative that is capable of ensuring a robust business growth and survival of our national economy,” he said.

He also proffered ways the government could sustain the feat achieved in firming up the Naira against other foreign currencies. According to him, the nation’s 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.

“It is heartwarming that in the last few weeks the naira has been appreciating against other foreign currencies, bringing a little succor to Nigerians. To all intents, the efforts of government through the Central Bank of Nigeria in this regard are quite commendable.

“As a consuming nation, we all know the agonies which the weakening Nigeria posed to daily living and survival of Nigerians. However, the take of the NCRIB is that the 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 added.

The NCRIB boss maintained that there is no nation that can ever develop depending wholly on foreign products, hence, the government should show leadership and encourage the citizens to patronise locally produced hoods and services.

Leave a Comment

Your email address will not be published. Required fields are marked *

*