By Amechi Ogbonna
Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday called on Federal and states governments to partner the Nigerian private sector in its quest to raise insurance industry’s contribution to the nation’s GDP ratios.
Sanwo-Olu who spoke at the unveiling of Heirs Insurance Company Limited and Heirs Life Insurance, observed that the private sector has the key to raising the level of insurance penetration in the country and by extension helping it increase the insurance sector’s contribution to job creation.
While congratulating Mr Elumelu for his giant strides in job creation in various sectors of the Nigerian economy, Sanwo-Olu also called for greater public sector support and encouragement to private sector leaders like Mr Tony Elumelu, who have proven to be the real engines of growth.
He said: “When we have businesses that are starting up fresh in our economy, the least we can do as a government is to come and encourage you. We need to acknowledge that no matter how well a government does, it certainly cannot employ everybody that needs to be employed. The private sector as the engine of growth is the one that can create opportunities for more businesses to grow.
“I am aware that Heirs Insurance & Heirs Life are the most liquid and well -capitalised insurance companies in Nigeria right now and it’s a new beginning that they are bringing to the sector, having assured us that they will use technology as a strong enabler.” He said.
Earlier in his opening remarks at the official unveiling of Heirs Insurance & Heirs Life in Lagos, leading philanthropist and Chairman of the two new underwriters, Mr Elumelu, regretted that despite having the biggest economy in Africa, Nigeria’s insurance to GDP ratio has remained very low compared with other countries in Africa.
He advocated the need for more government support to the private sector through collaboration with relevant departments and agencies to ensure that insurance to GDP ratios in the country are further enhanced.
Elumelu noted that the role of the private sector is not just to make profits for shareholders, but also to help develop Nigeria’s economy by creating jobs and eradicating poverty.
This according to him is the goal of Heirs Insurance & Heirs Life, the latest subsidiaries in the growing list of Heirs Holdings Group.
Elumelu said the objective of Heirs Holdings is to improve lives and transform the African continent, thereby changing the insurance landscape in Nigeria.
His words: “We would like to improve lives and transform our continent, starting with Nigeria.