Kano Govt. Seeks To Boost FDI By Adopting Compulsory Insurance

The Kano state government said it is adopting insurance culture in order to boost the confidence of investors so as to attract foreign investment.

The Secretary to the Kano State Government, Alhaji Usman Alhaji, said this when he represented the state governor, Dr. Abudullahi Umar Ganduje at a Three-Day retreat for members of the Technical Committee on implementation of Third Party Liability and other Insurances in Kano State.

“Kano state government is exploring and promoting insurance culture in the state to, among others, encourage Foreign Direct Investment (FDI). In the long run, they (investors) will have to be insured as well and that will give them the safety required in case of any eventuality”.

The Kano State Government Secretary added that the compulsory insurance policy was adopted by the state government in its quest to make Kano a better state, develop economically and move to the next level.

“The protection of the people of the state and their businesses, by ensuring they are insured and in the event of any eventuality, they can get relief.

“It will also ensure that we raise our internally generated revenue, so that we can continue to deploy it into other sectors of development as well as help government fulfil its number one obligation which is protecting the life and property of our people” he said.

The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM) Mr Sunday Thomas, said that the steps taken by the Kano state government over insurance was a testament that insurance could indeed thrive anywhere in Nigeria.

Thomas said that the objective of the retreat was to equip members of the committee with requisite information and knowledge to enable them maximize opportunities that would help grow and develop insurance culture amongst Kano state citizens.

Thomas stated that the Kano state insurance policy would help the state “generate more revenue and serve as social protection mechanism that would assist both government and citizens in the event of any disaster”.

The Commissioner for Insurance said, “As one of the leading commercial nerve centres in our country, with huge population and business potential, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country.

“It will create thousands of employment opportunities in the state, improve standard of living of the people and increase the state’s internally generated revenue.”

Thomas, however stated that beyond the compulsory classes of insurance, the committee would be educated on the need to appreciate and exploit the benefits of insurance by encouraging individuals or corporate entities within the state to embrace other non-mandatory insurances.

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