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Buhari Predicts Greater Future For Insurance Business

President Muhammadu Buhari has said that Nigeria and Africa at large hold a bright future for the insurance industry.

This is as he charged insurance firms in Nigeria to leverage the ongoing efforts by the Federal Government to grow the non-oil sector of the economy through innovation.

Buhari said this in Abuja while speaking virtually at the opening of the 47th African Insurance Organisation Conference and Annual General Assembly.

Buhari said the insurance sector would play a vital role in the diversification of the economy by bringing ‘necessary stability, economic sustainability, revenue generation, job creation and financial inclusiveness’.

Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed these in a statement titled ‘President Buhari urges insurance coys to take advantage of diversification, expand operations to meet needs’.

He quoted the president as saying, “There is a great future for the insurance industry in Africa. We only need to put the right mechanism in place for it to thrive. I assure you that this administration has and will continue to support insurance growth in Nigeria and Africa at large.

“I commend the leadership of the AIO for the resilience, foresight and perseverance in ensuring that the African Insurance market strives to meet its expectations in the global market notwithstanding the prevailing challenges.”

Buhari added, “The pandemic has indeed changed many perspectives that have forced leaders across the globe to think hard for remedies.

“I want to assure you that we in Nigeria are doing everything humanly possible to ensure a coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy in which I strongly believe the insurance industry has a vital role to play.”

The President also noted that the COVID-19 pandemic presented a global challenge which led to lockdown of many countries, travel restrictions, and issuance of many health protocols, affecting all human, social and economic interactions that made hosting of the Conference impossible in 2020.

In her remarks, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the foresight of the founders of the AIO deserved commendation as it had fostered African integration agenda and how best to collectively address shortcomings.

The President of AIO, Delphine Traore, who is also the Chief Operations Officer, Alliance Africa, said the conference was last held in Nigeria in 2000, assuring that innovation in the sector would help in complementing government efforts in development.

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