Nigeria: Insurance Sector To Deepen Country’s Financial Inclusion Drive

Yemisi Izuora

Operators in Nigeria’s insurance sector are coming together again to create more knowledge of insurance and further deepen its penetration with the view to increasing its contribution to the Gross Domestic Product, GDP.

In the coming third edition of the Insurance Industry Consultative Conference (IICC) where the stakeholders and interested parties in the Insurance Industry would converge to discuss the issues arising and affecting the economy, the sector appears more committed to boosting financial inclusion in the country.

Scheduled to hold on the 9th to 11th of July 2017 at Transcorp Hilton, Abuja, Chairman of the Insurance Conference Planning Committee and Managing Director of Scib Insurance Brokers Limited , Mr. Shola Tinubu explained that the idea behind the formation of the IICC was to give a unified and cohesive voice to the Nigerian Insurance Industry, with a view to making the industry accelerate its impact and contributions to the nation’s economy.

He said the conference with the theme: “Nigeria Open for Business” was carefully chosen at the time when the policy direction of the present administration tilts towards the ease of doing business Initiatives, being spearheaded by the Presidential Enabling Business Environment Council (PEBEC) under the Chairmanship of the Vice President, Professor Yemi Osinbajo, SAN as Chairman and the Honourable Minister of Industry Trade and Investment, Mr. Okechukwu Enelamah as the Vice Chairman.

The chairman added that the National Insurance Conference is one of those programmes aimed at fostering the intellectual and professional development of insurance practitioners and further creating a platform for networking and exchange of ideas between industry operators and critical stakeholders in the nation’s economy.
He added that the 2017 Conference is being organized to further underscore the aim of the Insurance Industry to continually upscale the knowledge of insurance operators and other professionals in the financial services sector as well as other stakeholders about contemporary dynamics in the economic development of the country and the globe generally.

He further said that the Conference would also highlight the catalytic roles which the insurance industry in achieving financial inclusion and by so doing, accelerating its contributions to Nigeria’s Gross Domestic Product.

Speaking further on the theme he said: “the selection of the Conference theme is fitting into the second phase of the Council’s plans in deepening existing reforms, completing and implementing pending initiatives, engaging with the public and validating completed reforms that would kick off medium-term reforms. It is quite clear that there is no way any nation’s economy could develop when it greatly depends on foreign-made goods.”

The conference will be declared open by His Excellency, Acting President, Professor Yemi Osinbajo (SAN) while the Hon. Minister for Finance, Mrs. Kemi Adeosun will give a Goodwill message, with the Commissioner of Insurance, Alhaji Mohammed Kari as the Chief Host.

Speakers at the conference include Mr. Tony Elumelu, Chairman of Tony Elumelu Foundation discussing the theme paper, delegates would have a swell time drawing from the speaker’s enormous exposure and experience in the nation’s financial services sector.

In view of the topical nature of the theme, the Hon. Minister for Finance, Mrs. Kemi Adeosun is expected to be the Chairman of the session while a team of seasoned discussants, notably Dr. Joseph Nnanna; Deputy Governor of Central Bank of Nigeria; Alhaji Kyari Abba Bukar, former Chairman of the Nigerian Economic Summit Group and Mrs. Yewande Sadiku, Executive Secretary of Nigeria Investment Promotion Commission would be discussants.
Similarly, the sub-theme: “Doing Business in Nigeria: A Comparative Analysis” would be most rewarding. Aside from the enrichment that would be brought on the subject by the former Partner of PWC, Mr. Robert Newsome, the Honourable Minister of Industry, Trade & Investment, Mr. OkechukwuEnelama would be the Chairman of the session. It is hoped that the Minister would bring to the discussion, the pivotal roles being played by his Ministry in ensuring ease of doing business in Nigeria, through PEBEC which he presently serves as the Vice- Chairman.
In a bid to give the insurance industry its desired space in the conference, the theme: “Insurance Industry: Navigating the Odds” is being slated for discussion, with the Group Managing Director of Custodian & Allied Plc, Mr. Wole Oshin as Lead Speaker. The paper would be chaired by Partner and Head of Management Consulting, KPMG, Bisi Lamikanra, while discussants are Mrs. Ekeoma Ezeibe, Managing Director of Crystal Trust Insurance Brokers Ltd; Mr. Tunde Fajemirokun, Executive Director of AIICO Insurance Plc and Mrs. EbeleNwachukwu, Managing Director of Zenith General Insurance Ltd.

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