The National Insurance Commission (NAICOM) has once again reinforced its commitment to positioning Nigeria’s insurance industry as a major player in Africa’s economic integration through the African Continental Free Trade Area (AfCFTA). At a strategic workshop with themed “Unlocking Opportunities: AfCFTA and the Nigerian Insurance Industry,” held in Lagos, stakeholders were challenged to harness the immense potentials AfCFTA presents.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasized that AfCFTA is a transformative opportunity for the industry to scale up operations, explore new markets, and drive economic prosperity. He urged Nigerian insurers to develop forward-thinking strategies, innovate, and collaborate to remain competitive in a rapidly evolving financial landscape.
“As we explore the opportunities presented by AfCFTA, we must acknowledge the immense potential within Nigeria’s insurance sector. With the right strategies and partnerships, we can expand our reach, accelerate economic growth, and enhance the financial well-being of Nigerians,” Omosehin stated.
Highlighting the significance of the trade pact, Omosehin noted that AfCFTA is set to establish the largest free trade area in the world, connecting over 1.3 billion people with a combined GDP of about $3 trillion. He assured industry operators that AfCFTA would not only boost trade and investment but also drive economic diversification and industrialization.
Chairperson of the Nigerian Insurance Committee on AfCFTA, Mrs. Ekeoma Ezeibe, echoed similar sentiments, stating that AfCFTA is a catalyst for industrialization and economic diversification. She pointed out that the expected expansion of regional value chains and the manufacturing sector would, in turn, fuel demand for insurance services.
“With AfCFTA covering an African region with a GDP of approximately $3.4 trillion and a population of about 1.4 billion, the insurance industry must position itself to capitalize on the increasing need for risk management solutions in trade, investment, and services,” she said.
The workshop served as a rallying call for Nigerian insurers to shift their focus beyond domestic markets and explore opportunities across Africa. By leveraging innovation, strategic alliances, and regulatory frameworks, the industry is poised to reap the full benefits of AfCFTA, securing a stronger and more competitive position in the continental financial services landscape.
As Nigeria intensifies efforts to become a leading force in Africa’s economic transformation, the insurance industry stands at a pivotal moment—one that demands bold action, resilience, and a vision that aligns with the continent’s future.
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