ARIAN Says Nigeria’s Insurance Industry Attractive To Foreign Investors

ARIAN president says insurance agencies can employ 500,000 graduates yearly

Yemisi Izuora

The Association of Registered Insurance Agents of Nigeria (ARIAN), is seeking opportunities to drive economic growth by mopping investable funds for national development.

The Agents urged insurance firms to invest in technology as a means to drive growth as the country’s insurance sector has huge potentials that have not been tapped.

ARIAN President, Mr Kazeem Odewunmi, while speaking at the 2022 National Conference, Annual General Meeting, Election and induction of the new Executive Officers in Lagos, said the insurance agency network in Nigeria can provide employment opportunities for no fewer than 500,000 graduates yearly .

Speaking on the theme: “Insurance Penetration : A Determinant To Economic Growth , Agency As A Catalyst’’., he said the industry has attracted more foreign direct investment into the country more than any other sector.

He noted that with Nigeria’s population which stands at more than 200 million and 60 per cent of these are below 65 years, with over 105 million working class, the industry can leverage on the huge population to drive growth.

“Obviously, Nigeria has massive potential for insurance business growth and no wonder several foreign insurance companies are making inroad to Nigeria to harness the potential,’’ he said.

Odewunmi noted that the theme of the conference was apt, in view of the massive transformation going on in the insurance industry.

He also expressed concern that insurance companies in Nigeria had not been able to leverage the massive market available for it because of low investment in technology.

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