NAICOM: Nigerian Insurance Industry Moves To Unlock Benefit Of AfCFTA

In a move to ensure that the Nigerian insurance industry effectively unlocks the benefits of the African Continental Free Trade Area (AfCFTA), a 15 – member committee has been inaugurated to coordinate the Nigerian insurance industry’s response as well as develop and implement strategies and measures of the AfCFTA Agreement.

The Commissioner for Insurance (CFI) and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas, while inaugurating the committee in Abuja, during the week, urged members to adhere to the terms of reference.

Some of the terms of reference include: “Engage and/or liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body; Lead bilateral negotiations with any interested State Party regarding the Nigerian insurance sector and regularly consult with relevant stakeholders to ensure that positions or views canvassed are reflective of the interest of the Nigerian insurance industry.”

Others are: to “attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA; submit regular updates/reports regarding developments on AfCFTA and activities of the Committee to NAICOM, and carry out such other relevant activity(s) that the committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation.”

The 15-member committee drawn from NIA, NCRIB, ILAN and NAICOM were enjoined to collaborate with the National Action Committee on AfCFTA on matters relating to the implementation of the AfCFTA Agreement in order to ensure that it is done in the overall interest of the Nigerian insurance industry.

The Committee members are Mrs Ekeoma Esther Ezeibe, Chairman; Mr Tunde Hassan-Odukale, Mrs Funmi Omo and Mrs Yetunde Ilori all representatives of the NIA, Members, and Mr Shola Ajibade from PRAN, members.

Others are: Mr Sina Elusakin, Mr Eric Omozejele, and Mrs Bimbo Onakomaiya, members representing NCRIB; while Mr Bola Temowo, Pst Ikechukwu Udobi, and Chief Lebi Omoboyowa are members from ILAN. Mr Usman Jankara, Mr Taiwo Adeoye, and Mr Ahmed Metteden are members representing NAICOM; while Mr Lanre Ojuola from the NIA would serve as the Secretary.

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.

Mr Thomas said “even though the nominations were subsequently conveyed to NAC-AfCFTA, there has been no effective engagements between NAC-AfCFTA and the representatives.

“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.

“Consequently, 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 Chief Executive Officer of the NAICOM affirmed that the NIA, NCRIB and ILAN were thus consulted to either reaffirm or update their nominees while NAICOM also designated some of its staff as members of the Committee.

Mr Thomas congratulated members of the Committee and restated that their appointment was in recognition of their vast experience, track record of selfless service and dedication to the cause of the Nigerian insurance sector, which the Industry believes will aid the attainment of its mandate, which is to ensure beneficial implementation of the AfCFTA.