By Chioma Iruke
Insurance firms in Nigeria have been urged to take advantage of ongoing efforts by the Government to grow the non-oil sector of the economy through innovation.
Speaking at the virtual opening ceremony of the 47th African Insurance Organization (AIO) Conference and Annual General Assembly, the Nigerian President, Muhammadu Buhari commended their role in encouraging medical practitioners to tackle the spread of COVID-19.
According to him, the insurance sector would play a vital role in the diversification of the economy by bringing necessary stability, economic sustainability, revenue generation, job creation and financial inclusivity.
“There is a great future for the insurance industry in Africa. We only need to put the right mechanisms 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 its 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.
Mr Buhari described the theme of the conference, “Rebuilding Africa’s Economy: An Insurance Perspective” as apt and well thought out to respond to the reality of the moment, as many governments seek to devise ingenious ways of managing their economies 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 a 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 will have a vital role to play,’’ he added.