Buhari Projects Great Future For Insurance In Africa

President Muhammadu Buhari portends a great future for insurance in Africa, noting that “the right” tools needed to be put in place for the forecast to become a reality.

He said this at the opening ceremony of the 47th African Insurance Organization (AIO) Conference and Annual General Assembly, held virtually, with the theme, “Rebuilding Africa’s Economy: An Insurance Perspective”, according to the News Agency of Nigeria (NAN).

Buhari said, “There is a great future for the insurance industry in Africa. We only need to put the right mechanisms in place for it to thrive.

“I assure you that this administration has and will continue to support insurance growth in Nigeria and Africa at large.

“I commend the leadership of the AIO for its resilience, foresight and perseverance in ensuring that the African insurance market strives to meet its expectations in the global market, notwithstanding the prevailing challenges.”

He assured of the government’s efforts towards stabilising the African economy – after the global shutdown occasioned by the pandemic – with the collaborative help of leaders of other African nations, adding his belief in the insurance industry to play “a vital role” in resuscitating the continental economy.

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The president said, “The pandemic has indeed changed many perspectives that have forced leaders across the globe to think hard for remedies.

“I want to assure you that we in Nigeria are doing everything humanly possible to ensure a coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy in which I strongly believe the Insurance industry will have a vital role to play.

“COVID-19 is still a serious challenge in many countries across the globe. However, adequate protocols have been put in place to curb its spread and vaccination is in progress.

“We understand, as a government and nation, the need to frontally tackle some of the disruptions to our social, economic and health occasioned by the pandemic, by putting in place sufficient measures that allow the system to function.

“I once again use this opportunity to commend the Nigerian insurance industry for identifying with the government through the provision of life insurance packages for frontline medical and paramedical personnel in the course of this fight.

“Your support and solidarity in these times are highly appreciated.”