The Federal Government has called on African Insurance firms to take advantage of the ongoing efforts to grow the non-oil sector of the economy through innovation.
As it also pointed out that there was great future for insurance industry in Africa despite the devastating impact of COVID-19 pandemic in the global economy.
President Muhammadu Buhari made the call virtually while declaring open the 47th African Insurance Organization (AIO) Conference and Annual General Assembly.
He said the Insurance sector will 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 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,’’ Buhari said.
The President acknowledged that 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 governments worldover 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,’’ Buhari said.
He noted that the COVID-19 pandemic presented a global challenge which led to lockdown of many countries, travel restrictions, and issuance of many health protocols, affecting all human, social and economic interactions that made hosting of the Conference impossible in 2020.
“COVID-19 is still a serious challenge in many countries across the globe. However, adequate protocols have been put in place to curb its spread and vaccination is in progress.
“We understand as a government and nation the need to frontally tackle some of the disruptions to our social, economic and health occasioned by the pandemic by putting in place sufficient measures that allow the system to function.
“I once again use this opportunity to commend the Nigerian Insurance industry for identifying with the government through the provision of life insurance set of packages for frontline medical and paramedical personnel in the course of this fight.
Your support and solidarity in these times are highly appreciated,’’ he added.
President Muhammadu Buhari however, commended the Organizing Committee for successfully putting the conference together, adding that the subtopics listed for discussions were key and critical in helping Nigeria and Africa in its rebuilding process.
“We are aware that the AIO’s Conference and Annual General Meeting is rotated amongst member states in order to provide a forum for exchange of information and strategies on market development while promoting regional knowledge and integration.
“We received the news of the decision of the Executive Committee of the AIO granting Nigeria the hosting rights of this 47th edition of the AIO Conference with pleasure.
As a country, we are confident in our ability to deliver the best conference ever in year 2020 before the outbreak of COVID-19 pandemic,’’ President Buhari affirmed.
Also speaking, Minister of Finance, Budget and National Planning, Hajiya, Zainab Shamsuna Ahmed, urged the Insurance sector to design their products
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