6th September, 2021
President Muhammadu Buhari has called on Insurance firms in the country to take advantage of the Federal Government’s effort to grow the non-oil sector of the economy.
He asked them to grow through innovation as he commended them for their efforts in encouraging medical practitioners to tackle spread of COVID-19.
President Buhari spoke virtually on Monday, at the opening ceremony of the 47th African Insurance Organization (AIO) Conference and Annual General Assembly.
This is according to a statement by Femi Adeshina, Special Adviser to the President on Media and Publicity.
Buhari revealed that the insurance industry would be pivotal in diversifying the Nigerian economy and bringing necessary stability and economic sustainability to generate revenue, create jobs and ensure financial inclusiveness.
The President noted that the future of Africa’s insurance industry is bright and he commended the AIO for its leadership, resilience and perseverance.
“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.
He appreciated the Organizing Committee for successfully putting the conference together, adding that the subtopics listed for discussions were germane and critical in helping Nigeria and Africa rebuild.
Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, who also spoke at the ceremony urged the Insurance sector to design their products around the needs of society, especially for low income earners.
She noted that greater impact on development would only be possible by looking at the African peculiarity.