BY NGOZI ONYEAKUSI

The National Insurance Commission  NAICOM has said that  Nigerian Insurance industry has immense  potentials to reap benefits presents by the African Continental Free Trade Area (AfCFTA).

The Commissioner for Insurance, Mr Olusegun Ayo Omosehin who made the claims at a  workshop with theme, Unlocking Opportunities : AfCFTA and the Nigerian Insurance industry held in Lagos, urged operators to acknowledge the huge potentials in the industry as well as come up with the strategies to unluck new markets.

He noted that AfCFTA  transformative opportunity
for Nigeria the insurance industry to expand into new markets, drive growth, and
create prosperity.

Omosehin  Urges  them to strategize, innovate, and collaborate to ensure competitiveness of the industry to enable it capitalize on AfCFTA’s benefits.

“As we explore the opportunities presented by AfCFTA, let us acknowledge the
immense potential of Nigerian insurance industry. With the right strategy and
collaboration, we can unlock new markets, drive economic growth, and improve the lives
of Nigerians”, he said.

Speaking further  he assured that fCFTA is expected to create the largest free trade area in the world, boosting
economic growth, trade, investment, and economic integration.

 

“For the Nigerian
insurance industry, this is an opportunity to expand our horizons, continually innovate, and position ourselves for successful maximization of the benefits.

 

Permit me to again reiterate some of the opportunities presented by AfCFTA for Africa and Nigeria, particularly in the financial services sectors. By creating a single, unified market of over 1.3 billion people and a combined GDP of about $3trillion”, he assured.

 

Earlier, in her welcome address, the Chairperson of the Nigerian Insurance Committee on AfCFTA, Mrs Ekeoma Ezeibe said AfCFTA aims to promote industrialization and diversification of economies by encouraging the development of regional value chains and manufacturing sector.

 

According to her, the anticipation is that diversified economic activity and sectors should lead to increased demand for Insurance.

 

She noted AfCFTA  covers an African region with a joint gross domestic product (GDP) of approximately $3.4 trillion and a population of roughly 1.4 billion people.

AfCFTA according to her is a free trade area in goods and services encompassing most of Africa. About 54 of 55 African Union member states have signed the framework agreement establishing the world’s largest free trade area to foster greater intra-continental trade and investment, as a means of spurring economic integration and growth in our continent.