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Chuks Udo Okonta
The Honourable Minister of Budget and Economic Planning, Sen. Abubakar Bagudu has assured the Nigerian Council of Registered Insurance Brokers (NCRIB) of Federal government’s continuous collaboration to strengthen the insurance sector.
Bagudu gave this assurance when members of the Council of NCRIB led by President Prince Babatunde Oguntade, paid a courtesy visit to the Ministry today in Abuja.
Bagudu called on the NCRIB to take a critical review of the 2050 Agenda for the evolution of the insurance sector.
He emphasized the importance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth and the role of insurance brokers in drawing attention to risks management mitigating factors and facilitating project preparation, thus attracting investors.
Bagudu acknowledged the crucial role of regulators and commended the NCRIB for their commitment to credibility and urged for further collaboration to enhance regulatory frameworks.The Minister assured the delegation of his commitment to addressing their concerns and exploring avenues for partnership to ensure a conducive environment for the insurance sector to thrive.
Earlier in his speech, the President of the NCRIB, highlighted the challenges facing the insurance sector, particularly concerning regulatory levies.
He emphasized the need for support from government to sustain regulatory activities essential for maintaining credibility within the industry.
Also speaking, the Vice President of NCRIB, Ekeoma Ezeibe, echoed the President’s sentiments, emphasizing the critical role of regulation in reinforcing credibility within the insurance sector and the adverse effects of eroding regulatory support.
The courtesy visit provided an opportunity for fruitful discussions on regulatory challenges, budgetary considerations, and collaborative initiatives to promote economic sustainability and growth.
