AfCFTA: Nigeria Inaugurates Insurance Committee To Implement Bilateral Negotiations 

Yemisi Izuora

Nigeria is creating new opportunities for local insurers under the African Continental Free Trade Area (AfCFTA), by drafting a professional response team to advance insurance within the continent.

To achieve this, the National Insurance Commission (NAICOM) Thursday in Abuja inaugurated a fifteen-man Insurance industry committee on AfCFTA.

Oriental News Nigeria, reports that the Committee will among other functions coordinate the Nigerian insurance industry’s strategic response to the AfCFTA.
It will equally liaise with relevant agencies of government and other bodies on the implementation of the AfCFTA agreement in the Nigerian insurance industry.

Speaking at the inauguration, the Commissioner for Insurance and Chief
Executive Officer, National Insurance Commission (NAICOM), Sunday Thomas, explained that the measure is part of the Commission’s efforts to effectively exploit the benefits of AfCFTA.

Consequently, the Commission has already informed the National Action Committee on AfCFTA of the constitution of the committee including the membership and terms of reference of the Committee.

The Commissioner said, “We have also enjoined the National Action Committee on AfCFTA to collaborate with the Committee 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.’’
He reminded the Committee members that their appointment was in recognition of their vast experience, track record of selfless service and dedication to the cause of the Nigerian insurance industry, which the Industry believes will aid attainment of the
mandate of the Committee which is to ensure beneficial implementation
of the AfCFTA.

The Committee’s terms of reference include coordination and articulating the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation and to develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA as well as develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.

Also, the Committee would ensure engagement 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.

It will also lead bilateral negotiations with any interested State Party regarding the Nigerian insurance sector; regularly consult with relevant stakeholders to ensure that
positions or views canvassed are reflective of the interest of the Nigerian insurance industry, attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA and submit regular updates/reports regarding developments on AfCFTA and activities of the Committee to NAICOM as well as to carry out such other relevant activity(s) that the
Committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation.

Members of the committee are drawn from the Professional Reinsurers Association of Nigeria (PRAN); Nigerian Insurers Association of
Nigeria (NIA); Nigerian Council of Registered Insurance Brokers (NCRIB); Institute of Loss Adjusters of Nigeria (ILAN) and NAICOM.

The Chairman of the Committee is Mrs. Ekeoma Esther Ezeibe (NCRIB)
while Mr. Lanre Ojuola (NIA) will serve as Secretary.

Other members include Mr. Tunde Hassan-Odukale
(NIA); Mrs. Funmi Omo (NIA); Mrs. Yetunde Ilori (NIA); Mr. Shola
Ajibade (PRAN); Mr. Sina Elusakin (NCRIB); Mr. Eric Omozejele (NCRIB)
and Mrs. Bimbo Onakomaiya (NCRIB).

The rest are, Mr. Bola Temowo (ILAN); Pst. Ikechukwu Udobi (ILAN); Chief Lebi
Omoboyowa (ILAN); Mr. Usman Jankara (NAICOM); Mr. Taiwo Adeoye
(NAICOM) and Mr. Ahmed Metteden (NAICOM).

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