Nigeria’s Insurance Sector Charged to Leverage AfCFTA Opportunities for Growth
The Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, has called on Nigeria’s insurance industry to strategically position itself for the opportunities presented by the African Continental Free Trade Area (AfCFTA).
Speaking at the Nigerian Insurance Industry AfCFTA Committee Workshop in Lagos, he emphasised the potential for market expansion, cross-border collaboration, and economic growth.
Delivering his opening remarks, Mr. Gam-Ikon described AfCFTA as a transformative platform that could unlock immense economic benefits for the insurance sector. He noted that the agreement, which aims to create a single market of over 1.3 billion people, offers Nigerian insurers and loss adjusters the opportunity to scale operations, enhance service delivery, and gain competitive advantages across Africa.
According to him, the free movement of goods, services, and people presents an unparalleled opportunity to expand Nigeria’s insurance industry beyond our borders.
“With increased trade, the role of loss adjusters becomes even more critical in assessing and managing risks associated with cross-border transactions”, he stated.
He urged Nigerian insurance firms to embrace innovation and enhance their expertise to remain competitive in the evolving market. According to him, skills development, collaboration with international players, and leveraging technology will be key in ensuring Nigeria’s dominance in Africa’s insurance landscape.
Mr. Gam-Ikon reaffirmed the National Insurance Commission’s (NAICOM) commitment to supporting loss adjusters and other stakeholders in navigating the AfCFTA era. However, he stressed that industry players must take proactive steps to upgrade their professional standards and services.
“A unified African market presents opportunities that must be actively harnessed. Without strategic participation, we risk being left behind,” he cautioned.
He further highlighted the significance of partnerships among African insurance firms, noting that cooperation would allow Nigerian loss adjusters to access shared resources and expertise while strengthening their competitive edge.
Acknowledging the efforts of the Nigerian Insurance Industry AfCFTA Committee and the Institute of Loss Adjusters of Nigeria (ILAN) in organising the workshop, Mr. Gam-Ikon encouraged stakeholders to engage actively in discussions and develop actionable strategies for industry growth.
As AfCFTA reshapes Africa’s economic landscape, Nigeria’s insurance industry stands at a critical juncture
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