Government tasked by experts to adopt insurance as a mechanism to boost the Economy

Government tasked by experts to adopt insurance as a mechanism to boost the Economy

Insurance policy is fast becoming a prerequisite for the abolition of poverty in modern day Nigeria. This owes to the fact that stakeholders in a recent meeting on insurance workshop with the theme: “insurance industry and financial inclusion” in Abuja submitted that insurance is a pivotal tool for achieving economic growth. Jim Ovia chairman Zenith bank PLC in his speech encouraged NAICOM to work closely with NCC and the CBN to ascertain the use of micro insurance through Mobile technology.

He further noted that efforts should be geared towards ensuring a boost through the deployment of digital micro insurance technology. This in his opinion can create an upsurge of about 12.5 percent of the gross domestic product.

Also the commissioner for insurance noted that the sector is vital and plays a key role in the management and reduction of poverty. He further stressed that Nigeria in 2012 launched the (NFIS ) to reduce the numbers of financially drained adults. The coordinating intervention includes: know your customers (KYC) regulations, Agent banking and micro insurance as well as consumer protection principles.

Also, there has been some kind of collaborative efforts from NAICOM and Deutsche Gasellschaft fur internationale Zesumamenarbeit GmbH, GIZ of Germany, and a Nigerian financial innovation Access.

The collaboration of these two firms has created an enabling system for diagnostic study, research and seminars with training and insurance for both firms and the entire insurance industry at large. Also, the Abuja center was able to conduct a research with the support of the Canadian center on insurance operations in the region.

The commissioner said that it is the responsibility of all stakeholders to ensure financial inclusion and thus urged them to increase financial Penetration and access to financial services.

The chairman of the occasions, Ayodele Teriba submitted that there are other pressing issues at hand even before talking about insurance, he urged the government to do the needful in areas of unemployment and inflation.

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