Kano woos foreign investors with compulsory insurance | Dailytrust

Kano woos foreign investors with compulsory insurance

The Kano State Government has expressed its readiness to deepen insurance culture in the state and leverage compulsory insurance to attract foreign investors.

The state government reckons implementation of compulsory insurance will guarantee the safety of investments of investors.

The state governor, Dr Abudullahi Umar Ganduje, made this revelation in Abuja at a three-day retreat for members of the Technical Committee on Implementation of Third Party Liability and other Insurances in Kano State.

He was represented by the Secretary to the Kano State Government, Alhaji Usman.

Ganduje said the state government is exploring and promoting insurance culture in the state to, among others, encourage Foreign Direct Investment (FDI).

“In the long run, they (investors) will have to be insured as well and that will give them the safety required in case of any eventuality,” he said.

The compulsory insurance policy adopted by the state government, he said, “is deliberate because we know that in the long run, we stand to mutually benefit: the insurance companies; the state government and the people of Kano.”

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Sunday Thomas, said the steps taken by the state government over insurance was a testament that insurance could indeed thrive anywhere in Nigeria.

Thomas stated the Kano State insurance policy would help the state “generate more revenue and serve as a social protection mechanism that would assist both government and citizens in the event of any disaster.”

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