NAICOM Pledges Support for Factoring Development, Nigeria’s Economic Growth
Samuel Mobolaji
The National Insurance Commission (NAICOM) has pledged its support for the development of factoring in Nigeria, a move aimed at boosting the country’s economic growth.
This commitment was made during a meeting between the Commissioner for Insurance and Chief Executive Officer (CFI/CEO) of NAICOM and a delegation from the Nigerian Factoring Working Group.
The delegation, led by Mr. Hope Yogo, comprised representatives from NEXIM Bank, Central Bank of Nigeria (CBN), GIZ, and AfreximBank.
Speaking at the meeting, Mr Yogo expressed confidence in the ability of the new leadership of NAICOM to deliver on their mandate, while congratulating them on their appointment.
He emphasized the importance of factoring in stimulating economic growth and creating opportunities for businesses.
He explained that the working group, which is expected to transform into an association soon, was established to develop a conducive legal and regulatory infrastructure for factoring in Nigeria.
The delegation, thereafter, sought collaboration and partnership with NAICOM and insurance companies to engage all stakeholders in the value-chain, recognizing the vital role of insurance in factoring.
In response, the CFI/CEO of NAICOM pledged the Commission’s full support for the development of factoring in Nigeria.
This partnership aims to transform the factoring industry, providing a boost to the country’s economic growth and development.
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