The insurance regulator, the National Insurance Commission (NAICOM), is urging insurance companies to expand their footprint outside Nigeria.
Commissioner for Information and CEO of NAICOM, Mr Olusegun Omosehi, revealed that a Nigerian Insurance Committee on the African Continental Free Trade Area (AfCFTA) has been established to prepare the insurance sector to leverage the opportunities presented by the continental trade agreement, according to the news website Nairametrics.
In a recorded video message posted on its X handle on 17 February, Mr Omosehi highlighted the significance of AfCFTA and the growth possibilities it offers.
Referring to the insurance panel, he said, “The AfCFTA committee encompasses every segment of the market: underwriting, brokering, and adjusting. It is dedicated to maximising the opportunities created by AfCFTA.”
Mr Omosehi added that NAICOM is backing the committee because the regulator believes in the potential and the ability of the Nigerian insurance sector to excel beyond the country’s borders.
AfCFTA was founded in 2018 with trade commencing on 1 January 2021. AfCFTA was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations.