FG to Revamp Insurance Industry – Finance Minister

Nigeria’s Minister of Finance, Mrs Kemi Adeosun,  has promised to ensure that legislation that affect the nation’s insurance industry are treated as priority as a way of making the sector contribute meaningfully to the economy.

The Minister who spoke at meeting in Abuja said that the federal government remains resolute in making the insurance industry impact on the lives of the people.

She said, “If you look at any nation that has developed economically, they always have a very strong insurance industry. Wherever you have a good pool of funds, you will have infrastructure and you will have development. So insurance is absolutely critical. This review is long overdue.

“However, in the spirit of change, the new economy must be significantly different from the past.

“The new economy must be well diversified and protected from the destabilizing effect of oil price fluctuations and we believe we can grow the non oil sectors of the economy, particularly agriculture, solid minerals and manufacturing.”

She added that insurance would remain an important part of the plan, including funding “by providing funding for transactions in both public private partnerships and direct transactions”.

She said that they would also be providing risk management and providing the support that will actualise the plans to stimulate the economy.

The Commissioner for Insurance, Mr Mohammed Kari, added that plans were underway to introduce policies that will fast track development in the sector.