NAICOM calls on Nigerian insurance coverage firms to leverage on AfCFTA for cross-border growth
The Nationwide Insurance coverage Fee (NAICOM) has referred to as on gamers within the insurance coverage sector to contemplate increasing their operations past Nigerian borders.
In a recorded video message posted on its X deal with, Commissioner for Info and Chief Government Officer of NAICOM, Olusegun Omosehi, highlighted the importance of the African Continental Free Commerce Space (AfCFTA), based in 2018 with commerce commencing on January 1, 2021.
The AfCFTA, created by the African Continental Free Commerce Treaty amongst 54 of the 55 African Union nations, is the most important free commerce space on the earth when it comes to the variety of collaborating international locations for the reason that formation of the World Commerce Group.
Omosehin revealed {that a} Nigerian Insurance coverage Committee on AfCFTA has been established to arrange the insurance coverage sector to leverage the alternatives introduced by the continental commerce Treaty.
Maximizing alternatives
“The AfCFTA committee encompasses each section of the market: underwriting, brokering, and adjusting. It’s devoted to maximizing the alternatives created by AfCFTA,” he mentioned.
Barrister Ekeoma Ezeibe chairs the committee, tasked with elevating consciousness inside the Nigerian market to successfully capitalize on AfCFTA’s progress alternatives.
“We’re absolutely dedicated to supporting this committee as a result of we imagine within the potential and functionality of the Nigerian insurance coverage sector to excel past our nationwide borders. Allow us to innovate, develop, and put together to develop past Nigeria’s shores. I’ve absolute confidence in Nigeria’s insurance coverage sector to excel throughout the continent and past,” Omosehin acknowledged, urging business gamers to grab the alternatives introduced by AfCFTA.
What you need to know
- NAICOM has just lately partnered with a number of authorities businesses, together with the police, Fireplace Service, Federal Street Security Corps (FRSC), and Nigerian Electrical energy Administration Providers Company, to boost insurance coverage penetration and consciousness in Nigeria.
- Earlier in February, NAICOM and the FRSC fashioned a partnership to make sure compliance with obligatory third-party automobile insurance coverage in Nigeria. This collaboration goals to enhance street security and shield motorists and third events by imposing present insurance coverage rules.
- At a joint press convention held in Abuja, Olusegun Omosehin emphasised that intensive discussions had taken place on enhancing street security measures and imposing compliance with obligatory third-party motor insurance coverage insurance policies.
He highlighted that this partnership underscores their dedication to making sure safer roads by regulatory oversight and enforcement capabilities.
The Nigeria Police started the nationwide enforcement of the third-party motor insurance coverage coverage on February 1, 2025, beneath the directive of Inspector Common of Police, Kayode Egbetokun.
