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Chuks Udo Okonta
Insurance entities in Nigeria have been charged not to relinquish their position as continental leaders, but assert dominance in Africa under the African Continental Free Trade Area (AfCFTA).
The Commissioner for Insurance and Chief Executive officer National Insurance Commission (NAICOM) Olusegun Omosehin, gave the charge at the Workshop for Insurance Companies organised by the Nigerian Insurance Industry Committee of AfCFTA held recently in Lagos.
He noted that AfCFTA is expected to create the largest free trade area in the world, boosting economic growth, trade, investment and economic integration, adding that for the Nigerian insurance industry, this is an opportunity to expand the horizons, continually innovate, and position themselves for successful maximization of the benefits.
The Commissioner who was represented by the Deputy Commissioner Technical NAICOM Dr. Usman Jankara, submitted that it is imperative to emphasize that the critical concern remains insurers collective preparedness to capitalise on these prospects, noting that as CEOs of insurance Companies and members of the Nigerian Insurers Association (NIA), they must ponder whether they would relinquish their position as a continental leaders, allowing other nations to assume the mantle, or whether they would assert their dominance in
Africa, harnessing their collective strengths to drive growth, innovation, and prosperity.
Omosehin commended the Nigerian Insurance Industry Committee on AfCFTA and all arms of the industry for making the Workshop possible.
He implored the operators as they move forward, they should recognize the importance of collaboration and mutual recognition agreements, noting that they must work together to address regulatory complexities and ensure a level playing field.
He also charged them to share their insights and collaborate to unlock the full potential of the industry, imploring them to work together to create a brighter future for the industry, nation, and people.
