President Muhammadu Buhari has implored insurance firms operating in Nigeria to take advantage of ongoing efforts by the federal government to grow the non-oil sector of the economy through innovation.
According to a statement issued by his spokesman, Femi Adesina, President Buhari spoke virtually in Abuja on Monday at the opening ceremony of the 47th African Insurance Organisation (AIO) Conference and Annual General Assembly.
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The president who commended their role in encouraging medical practitioners to tackle the spread of COVID-19, said 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 inclusiveness.
“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 (supported) and will continue to support insurance growth in Nigeria and Africa at large.”
The Minister of Finance, Budget and National Planning, Hajiya 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.
President of AIO, Mrs Delphine Traore, who is also the Chief Operations Officer of Alliance Africa, said the conference was last held in Nigeria in 2000, assuring that innovation in the sector would help in complementing the government’s effort in development.