AfCFTA Offers Opportunity For Nigeria’s Insurance Industry Growth -NAICOM
By Sunday Etuka, Abuja
The National Insurance Commission (NAICOM) has affirmed that the African Continental Free Trade Area (AfCFTA) offers Nigeria and its insurance industry a game-changing opportunity for growth, prosperity, and market expansion.
NAICOM’s Deputy Commissioner for Insurance, Mr. Ekerete Gam-Ikon stated this while speaking at the Workshop of the Nigerian Insurance Industry Committee on AfCFTA, held in Lagos.
Mr. Gam-Ikon noted that the workshop was a historic call to action, urging the industry to scale up, evolve, and collaborate to seize competitive advantages and shape a brighter future.
According to him, the Theme of the workshop, “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters” was apt and presented a forum to discuss the economic landscape of the continent, opportunities of a free trade area with attendant potentials for investment, expansion of horizons, innovations and integration.
He said the journey to a single, unified market of over 1.3 billion people will also require the preparedness of facilitators of business transactions, require that the country expands its services to other African countries, and create new opportunities for Loss Adjusters.
“As trade increases, Loss Adjusters will play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand. We are therefore required to focus on enhancing our knowledge and skills in areas that give us competitive advantages and leverage on exchange of skills with international players,” he added.
The NAICOM’s Deputy Commissioner also stated that the free movement of goods, services, and people could expand the nation’s operations across borders, increasing access to financial services and promoting economic development.
“Therefore, the enormity of the opportunities in galvanizing growth can only be imagined if we don’t actively participate as an industry,” he said.
While reaffirming the Commission’s unwavering commitment to empowering Nigerian Loss Adjusters in the AfCFTA era, Mr. Gam-Ikon said the Adjusters must step up and enhance their services, professionalism, and value proposition to remain competitive.
“We’ll provide support, but your proactive efforts will determine your relevance. For us to stimulate the potentials of AfCFTA in the insurance industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels. AfCFTA encourages collaboration among African insurance Companies.
“Through these partnerships, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness,” he noted.
