The President of the Chartered Insurance Institute of Nigeria (CIIN), Muftau Oyegunle, has lauded President Muhammadu Buhari’s signing of the instrument of accession of the agreement for the establishment of African Trade Insurance (ATI)Agency.
Oyegunle said this action has demonstrated Buhari administration first-hand commitment to the growth of the insurance industry in Nigeria.
Recall that the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, announced Buhari’s signing of the instrument recently.
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.
According to Oyegunle, the growth of the ATI would go a long way in creating an enabling platform for foreign trade and equally engender economic activity within the sector that would ensure improved contribution of the insurance industry to the nation’s gross domestic product.
He noted that this development came at a time the insurance industry was in need of all the benefits the Act would bring to the fore, adding that; the signing of the Act 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 goodwill that has 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 Muhammad 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; it is a welcome development.
“The emergence of this agency along with credible initiatives being implemented by our regulator; the National Insurance Commission (NAICOM) will help to significantly harness the potential inherent within the Nigerian insurance industry,” Oyegunle said.
Furthermore, he commended the Commissioner for Insurance, Sunday Thomas, for his strides at the NAICOM so far, stating that this event was an indicator that the insurance industry was on an upward curve.
Thereafter, Oyegunle charged all 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 to ensure the industry sustains its growth.