The President of Nigeria Muhammadu Buhari has called on Insurance firms in the to take advantage of ongoing efforts by the Federal Government to grow non-oil sector of the economy, to deepen penetration.
President Muhammadu Buhari who said this while Speaking virtually at the opening ceremony of the 47th African Insurance Organisation (AIO) Conference and Annual General Assembly, also said the Insurance sector will play a vital role in the diversification of the economy.
“There is a great future for the Insurance industry in Africa. We only need to put the right mechanism in place for it to thrive. I assure you that this administration has and will continue to support Insurance growth in Nigeria and Africa at large.
“I commend the leadership of the AIO for the resilience, foresight and perseverance in ensuring that the African Insurance market strives to meet its expectations in the global market notwithstanding the prevailing challenges,” he said.
President Buhari said the theme of the conference, “Rebuilding Africa’s Economy: An Insurance Perspective”, was apt and well thought out to respond to the reality of the moment as many governments try to devise ingenious ways to manage their economy in the aftermath of the COVID-19 pandemic.
“The pandemic has indeed changed many perspectives that have forced leaders across the globe to think hard for remedies.
“I want to assure you that we in Nigeria are doing everything humanly possible to ensure coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy in which I strongly believe the Insurance industry has a vital role to play,” he added.
In her remarks, the Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, urged the Insurance sector to design their products around the needs of society, especially for low income earners, noting that greater impact on development would only be possible by looking at the African peculiarity.