7, March 2025
Thank you for reading this post, don't forget to subscribe!The National Insurance Commission, NAICOM, has said that the African Continental Free Trade Area (AfCFTA) presents a transformative opportunity for Nigeria and the insurance industry to expand into new markets, drive growth, and create prosperity
Commissioner for Insurance, Mr. Olusegun Omosehin stated this while giving his opening remark at the workshop for insurance companies organized by the Nigerian Insurance Industry Committee on AFCFTA themed: Unlocking Opportunities: AfCFTA and the Nigerian Insurance Industry.”
Omosehin said: “This workshop is a call to action, urging us to strategize, innovate, and collaborate to ensure competitiveness of the Nigerian insurance industry to enable it capitalize on AfCFTA’s benefits.
“As we explore the opportunities presented by AfCFTA, let us acknowledge the immense potential of Nigerian insurance industry. With the right strategy and collaboration, we can unlock new markets, drive economic growth, and improve the lives of Nigerians.
“AfCFTA is expected to create the largest free trade area in the world, boosting economic growth, trade, investment, and economic integration. For the Nigerian insurance industry, this is an opportunity to expand our horizons, continually innovate, and position ourselves for successful maximization of the benefits.”
The NAICOM Commissioner stated that by creating a single, unified market of over 1.3 billion people and a combined GDP of about $3trillion, we expect a boost in economic growth occasioned by increase in trade and foreign investment, among others.
“To achieve this, we must focus on the Schedule of Specific Commitments, particularly Cross Border Services Trade, Consumption Abroad, Commercial Presence, and Presence of Natural Persons. By removing trade barriers, we can develop cross-border insurance products, attract foreign investment, and promote economic development.
“With the removal of trade barriers, insurance companies can develop and offer crossborder insurance products, including coverage for businesses operating in multiple African countries, which can enhance the attractiveness of Nigerian insurers to multinational clients. This will also bring about increased investment as it is likely to attract foreign direct investment.
This influx of capital can boost the insurance sector by providing the necessary funds for innovation, technology adoption, and capacity building in the industry.”
(www.naija247news.com)
