Buhari has urged insurance companies in Nigeria to expand their operations

President Muhammadu Buhari has urged insurance companies in Nigeria to take advantage of the government’s ongoing efforts to grow the economy’s non-oil sector through innovation.

The president praised their role in encouraging medical practitioners to combat the spread of COVID-19 during the virtual opening ceremony of the 47th African Insurance Organization, AIO, Conference and Annual General Assembly.

According to him, the insurance sector will be critical to the economy’s diversification by providing needed stability, economic sustainability, revenue generation, job creation, and financial inclusion.

“The insurance industry in Africa has a bright future. All we need to do now is put in place the proper mechanisms for it to thrive. I can assure you that this administration has supported and will continue to support the growth of insurance in Nigeria and Africa as a whole.

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“I applaud the AIO’s leadership for its foresight, perseverance, and resilience in ensuring that the African insurance market strives to meet its expectations in the global market, despite the current challenges,” he said.
Mr Buhari described the conference’s theme, “Rebuilding Africa’s Economy: An Insurance Perspective,” as “appropriate and well-thought out” in light of the current reality, in which many governments are scrambling to find innovative ways to manage their economies in the aftermath of the COVID-19 pandemic.

“The pandemic has changed many perspectives, forcing leaders all over the world to think hard about solutions.

“I want to assure you that we in Nigeria are doing everything humanly possible to ensure a coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy,” he added.

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The president noted that the COVID-19 pandemic posed a global challenge, resulting in country-wide lockdowns, travel restrictions, and the issuance of numerous health protocols that impacted all human, social, and economic interactions, making the conference impossible to host in 2020.

“In many countries around the world, COVID-19 remains a serious challenge. Appropriate protocols have been put in place to slow the spread of the disease, and vaccination is underway.

“As a government and a nation, we recognize the need to address some of the social, economic, and health disruptions caused by the pandemic by putting in place sufficient measures that allow the system to function.

“I’d like to take this opportunity to thank the Nigerian insurance industry for partnering with the government in this fight by providing life insurance packages to frontline medical and paramedical personnel.

“In these trying times, your support and solidarity are greatly appreciated,” the president added.

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He congratulated the organizing committee on a job well done, noting that the conference’s subtopics were both relevant and critical in aiding Nigeria’s and Africa’s recovery.

“We are aware that the AIO’s Conference and Annual General Meeting are rotated among member states to provide a forum for the exchange of information and strategies on market developments, while also promoting regional knowledge and integration.

“We were delighted to learn of the AIO Executive Committee’s decision to award Nigeria the hosting rights for the 47th edition of the AIO Conference.

“As a country, we are confident in our ability to deliver the best conference ever in 2020, before the COVID-19 pandemic breaks out,” he said.

Mrs Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning, said the AIO’s founders’ foresight deserved praise because it fostered the African integration agenda and how best to collectively address shortcomings.

She urged the insurance industry to design products that meet the needs of society, particularly low-income earners, noting that the only way to have a greater impact on development is to look at Africa’s uniqueness.

The conference was last held in Nigeria in 2000, according to AIO President Delphine Traore, who is also the Chief Operations Officer of Alliance Africa. She assured that innovation in the sector would help to complement government development efforts.