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| Rebase Nigeria GDP |
Chuks Udo Okonta
Insurance operators inability to articulate and provide adequate data of
their operations may be responsible for the slide from 0.7 per cent to 0.6 per
cent of the insurance industry’s contributions to the (Gross Domestic Product) in
the recently rebase exercise which placed Nigeria as the largest economy in Africa.
At a forum recently organised by the Chartered Insurance Institute of
Nigeria (CIIN), operators noted that the industry’s contributions were
underestimated, adding that the industry has in recent times made significant
progress.
They also agreed to go back to their drawing boards to correct the abnormally
by doing the needful. They called for proper documentation of the industry’s
data, which will bring about proper valuation of the progress made in the sector.
Commissioner for Insurance Fola Daniel, who is also not comfortable with
the rating, said going forward, the Commission would consolidate on the gains
made so far and ensure proper implementation of compulsory insurance products
to be able to enhance the industry contribution to GDP.
“You are all aware of the recent rebasing of the
economy which now makes the Nigerian economy the largest in Africa and 26th
largest economy in the world. This has placed enormous responsibility on the
industry. With the old based economy, the sector barely contributed 0.7 per
cent to GDP. With the rebasing, the contribution of the sector to GDP has been
further weakened. This therefore calls for more dynamic strategies to enable
the sector make meaningful contribution to the GDP,” he said.
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