Protocol
1. It is with great pleasure that I warmly welcome you to
Nigeria and to the beautiful city of Abuja for this inauguration of the West
African Insurance Supervisors Association and the MMOU signing by its
members. Nigeria is especially delighted
to host this gathering, at this time, given our deep commitment to the
achievement of the integration in the West African Sub region. I want to
particularly commend Governors of Central Banks and Commissioners of Insurance who
have honoured this event with their presence in person despite their tight
schedule.
2. As you are aware, our economics have witnessed rapid growth
especially when compared to that in developed Western Nations however recent
fall in oil prices and other associated events have threatened to erode the
gains and slow down the growth of the recent past. There is therefore a need for continued
international collaboration in order to achieve a more stable international economic
and financial system.
3. Insurance has a significant role to play in our economies. It
is therefore heartening to see the West African Insurance Regulators have
recognized the need to come together to examine possible way to cooperate, collaborate and to develop harmonised regulatory
standards.
4. The concept of an association of regulators is certainly not
new to this region. For some time now
our banking regulators have been making use of this approach to good effect in
managing the regulatory issues of large cross-border banks in the West African Region. Also in July this year the West African
Securities Regulators also met in Abuja to sign an MOU for mutual cooperation.
5. The West African Insurance Supervisors Association is therefore
vital because of our rapidly integrating insurance industry and the growing practice
of our insurance companies operating across regional and international
boundaries.
6. In view of the importance of this association, I wish to
assure this gathering that the Federal Ministry of Finance, Nigeria will give
its full support to the goals of the association.
7. On this final note, I wish members of the association success
as you work together to overcome common challenges. May the association be most
fruitful and productive as you cooperate and share knowledge of your various regulatory
activities.
8. I thank you and God bless you all.
No comments:
Post a Comment