Insurance, tool for wealth creation — NEPAD

By Naomi Uzor

Chairman, NEPAD Business Group Nigeria (NBGN), Chief Chris Ezeh has described insurance as tool for wealth creation and a key to economic transformation of the country.

Speaking ahead of a public lecture on insurance being organised by the Group, slated for today at the Lagos Chamber of Commerce and Industry, (LCCI), Ezeh said the lecture, will focus on ‘Insurance as a Tool for Wealth Creation and Sustainable Economic Growth’ with a view to deepening insurance culture among Nigerians, particularly the vast poor and rural dwellers in conjunction with government and other stakeholders.

According to him, with a population of over 150 million, Nigeria is far from fully maximizing its huge insurance potential.

"The insurance sector has the key to the transformation of the entire economy as it presents vast opportunities for citizens, the industry and the financial services sector. There would be no real growth or development unless the insurance industry is strong, reliable, and plays its role as a major mover of the economy" he said.

He disclosed that Managing Director of AIICO Insurance Plc, Mr. Edwin Igbiti, will be guest lecturer at the event and argued that the country would be able to attain rapid and sustained economic growth if it deepened its insurance penetration whereby more members of the population buy one or more of the available insurance products.

"Despite the current reforms and innovation by National Insurance Commission (NAICOM) and operators, Nigerian insurance industry’s performance remains below potential as only 800,000 adults have insurance policies," he stated.

He disclosed that NEPAD Business Group Nigeria was formed in response to the need to galvanize the private sector to support and actively participate in the implementation of the programmes of the New Partnership for Africa’s Development (NEPAD) at national, regional and continental levels, adding that, key objectives of NEPAD include promotion of sustainable growth and development, eradication of poverty and ending the marginalization of Africa in this era of globalization.




Source Vanguard