The Chartered Insurance Institute of Nigeria (CIIN), has said that the growth of the African Trade Insurance Agency, ATI would go a long way in creating an enabling platform for foreign trade and engender economic activity within the sector that would ensure improved contribution of the insurance sector to Nigeria’s Gross Domestic Product, GDP.
The Institute was therefore excited that President Muhammadu Buhari had signed the instrument of agreement for the establishment of the Agency.
The CIIN’s President, Sir Muftau Oyegunle, gave the commendation in a statement made available in Lagos.
Oyegunle said that the action of the government under the leadership of President Buhari demonstrated first-hand commitment to the growth of the insurance industry in Nigeria.
The Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, on Monday announced President Buhari’s signing of the instrument.
The ATI is a Pan-African institution that provides political risk insurance to companies, investors and lenders interested in doing business in Africa.
Its deep African roots have positioned the organisation to understand and assess the risks synonymous with the region and to help mitigate them.
Its reputation as well as its credibility, financial strength, underwriting capacity, its robust risk solutions and risk assessment have ensured that it is credibly rated by clients.
A memorandum from the Attorney General and Minister of Justice, Abubakar Malami , equally stated that the request for the President’s signature on the agreement was sequel to the directive of the Federal Executive Council that the instrument be prepared and forwarded for execution.
He noted that the signing by the president would inspire confidence in foreign entities and investors interested in the Nigerian Market and this would result in more partnerships as well as exchange of ideas and technology.
Oyegunle urged the presidency to retain its faith in the industry and the goodwill it had extended in recent times, as the sector would repay with significant contributions to the growth of the economy.
“It is heartwarming to see that President Buhari is actively promoting the growth of the insurance industry.
” As one of the four pillars of financial inclusion, this Act signed by the President for the take-off of the ATI is a worthy enabler for the industry to boost its growth.
“It will also improve the economic fortunes of the country, as it is a welcome development.
“The emergence of this agency along with credible initiatives being implemented by our regulator, National Insurance Commission (NAICOM) will help to significantly harness the potentials inherent within the Nigerian insurance industry, ” he said.
The institute’s president also commended the Commissioner for Insurance, Mr Sunday Thomas for his strides at the NAICOM so far.
He stated that the recent development was an indicator that the insurance industry was on an upward curve.
Oyegunle charged insurance professionals to continue to uphold the values of professionalism in line with the code of ethics and professional conduct as stipulated by the institute.
He said that this was necessary to ensure the industry sustained its growth.