Nigerian Insurers Set To Unlock Benefits Of AfCFTA

In a bid to ensure that insurance industry in Nigeria taps from the benefits of the African Continental Free Trade Area (AfCFTA), the industry regulator, the National Insurance Commission (NAICOM), has commenced moves aimed at realising the potentials of the expanded market initiatives to the sector.

The development culminated in the inauguration of a 15-man committee drawn from different arms of the sector to activate the machinery for engagements in ensuring that the insurance industry responds appropriately to developments in the larger society.

With the inauguration of the committee, the Nigerian Insurance Industry is now set to respond and enhance its involvement in the activities of the National Action Committee on African Continental Free Trade Area (NAC AfCFTA)

“To give effect to this resolution, the different arms of the Nigerian Insurance Industry were requested to nominate/provide representatives that would work/liaise with the NAC-AfCFTA

“Nonetheless, implementation of the AfCFTA agreement has gained tremendous traction. In fact, the Commission has recently been requested by the Nigerian Office for Trade Negotiations (NOTN) to participate in several meetings including to receive/verify the final Schedule of Specific Commitment, for onward transmission to the Senior Trade Officials.

The NAC-AfCFTA has also informed the Commission of its intention to organize another stakeholders’ workshop for the Nigerian insurance sector,” said the NAICOM boss at the inauguration of the Committee in Abuja recently.

Sequel to these developments, at the 11th Meeting of the Insurers’ Committee, held on April 7, 2022, in Lagos, it was resolved that a standing committee should be constituted to coordinate the Nigerian insurance industry’s response as well as develop and implement strategies/measure to ensure that the Nigerian insurance industry effectively exploits the benefits of AfCFTA.” Said. Mr Sunday Thomas, the Commissioner for Insurance and Chief Executive Officer of NAICOM

Thomas added that “in order to avoid duplication of committees and save time, it was resolved that the earlier representatives/nominees of NIA, NCRIB and ILAN, that were forwarded to NAC-AfCFTA, be transformed into a Standing Committee of the Nigerian Insurance Industry that will deal with matters relating to AfCFTA.

The NIA, NCRIB and ILAN were thus consulted to reaffirm or update their nominees while NAICOM also designated some of its staff as members of the Committee.”

The committee members are Mrs Ekeoma Esther Ezeife, chairman; Tunde Hassan-Odukale, Nigerian Insurers Association; Funmi Omo, Yetunde Ilori, shola Ajibola representing Professional Reinsurers Association (PRAN).

Others are Sina Elusakin; Eric Omozejele; and Bimbo Onakomaiya of the Nigerian Council of Registered Insurance Brokers (NCRIB).

Also on the list include; Bola Temowo, Ikechukwu Udobi, as well as Lebi Omoboyowa all of the Institute of Loss Adjusters of Nigeria (ILAN). Usman Jankara, Taiwo Adeoye, Ahmed Metteden, of the National Insurance Commission (NAICOM) and Lanre Ojuola of the NIA as the Secretary.