The federal government has focused its attention on the insurance industry to reposition the sector for improved growth. The Minister of Finance, Mrs. Kemi Adeosun announced the government’s determination to lead reform in the industry for a vibrant Nigeria insurance market.
The Minister in her opening remarks at the 2016 National Insurance Conference in Abuja, explained that a developed and active insurance market would bring about increase in GDP, accumulation of long-term funds for infrastructural financing, job creation, and an improved standard of living. She added that the development would also attract foreign investment into our country.
Speaking on the ongoing efforts of industry stakeholders to reposition the insurance industry for growth, the Minister said the Federal Government was ready to lend its support, saying, “There is a need to immediately address the decline in the Nigerian insurance industry as it is lagging behind globally and among its African peers. Despite being the largest economy in Africa, the Nigerian insurance industry remains largely underdeveloped. The industry has under-performed the Banking sector and even the recently established Pensions sector.”Read more