NAICOM Strategises To Benefit From AfCFTA

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A committee has been established by the National Insurance Commission (NAICOM) to coordinate the industry’s strategic response to the African Continental Free Trade Area (AfCFTA).

The commission will also work with relevant government agencies and other organisations to ensure that the AfCFTA agreement is implemented in the Nigerian insurance market.

A statement from the commission said while giving the terms of reference of the committee, the Commissioner for Insurance, Sunday Thomas, said it would, “Coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA agreement and its implementation.

“The committee will also develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA.

“It will develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.

“It will engage and/or liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body.”

Thomas added that it would “lead bilateral negotiations with any interested state party regarding the Nigerian insurance sector.

“The committee will regularly consult with relevant stakeholders to ensure that positions or views canvassed are reflective of the interest of the Nigerian insurance industry.

“It will attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA.

“It will submit regular updates/reports regarding developments on AfCFTA and activities of the committee to NAICOM.

“It will also carry out such other relevant activity(s) that the committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation.”

He said the commission had already informed the National Action Committee on AfCFTA of the constitution of the committee, including its membership and terms of reference.

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