NCRIB commends FG on Naira appreciation

The Nigerian Council of Registered Insurance Brokers (NCRIB) on Friday complimented the Federal Government on the current valuation for the Naira.

The President of the Council, Mr Kayode Okunoren, told newsmen in Lagos that the recent gain of the Naira against the dollar and other foreign currencies have brought joy to a lot of Nigerians.

He stated: “It is heart-warming that in the last few weeks, the Naira has been appreciating against other foreign currencies, bringing a little succour to Nigerians.

“To all intents, the efforts of government through the Central Bank of Nigeria (CBN) in this regard are quite commendable.’’

The NCRIB, in any case, said that firming up of the Naira ought to be more systemic to manage the trend.

“Government must be unrelenting in promoting the production of local products that could be exported to earn foreign exchange in the international market.

“Our diversification initiatives must be followed through while there should be a renewed campaign in re-orientating the minds of the citizens away from over dependence on foreign goods and services,’’ he said.

Okunoren complimented the activity of the Federal Government at making an empowering situation for business operations in Nigeria.

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He stated: “President Muhammadu Buhari’s administration has dismantled all inhibitions against business initiation and growth in the country.

“The Federal Government is already engaging strategic stakeholders in working out the modalities and it is the belief of the Council that the insurance industry should be involved in the process.

“The insurance industry involvement is compulsory in the view of its pivotal place in business development.

“As we are all aware, business growth must definitely come with risks which require professionals to handle and manage.

“Notwithstanding, the NCRIB would always seek ways to make contributions towards this lofty initiative that is capable of ensuring a robust business growth and survival of our national economy.’’

Okunoren additionally praised the National Insurance Commission (NAICOM) and Nigeria Insurance Association (NIA) on re-invigorating the movement towards authorization of obligatory protection in Nigeria as revered in the Insurance Act.

He said the exertion would upgrade the business’ commitments to the country’s Gross Domestic Product (GDP) and in addition decrease exposures to dangers by individuals from the general population.

“Also, the consideration given to Nigeria Fire Service would assist the institution in undertaking its statutory responsibilities of fire prevention without recourse to government as the practice at present,’’ he said.