The Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, has advised business operators in Nigeria to utilise more of African home grown solutions and local potential rather than foreign methods.
Oyetunji who stated this during the third Chief Executive Officers’ summit for African insurance business operators sponsored by his Company in Eden Island, Seychelles said Africa can develop better by utilising its home grown solutions.
Addressing delegates from different African countries who attended the summit which has the theme, ‘Navigating through global headwinds, Oyetunji stated,
“I do not think it is by repacking products or structures borrowed from Europe or China that will change Africa, I think we must come up with African thoughts, principles and culture to transform our countries,” he said.
According to him, the continent is blessed with huge potential needed for its growth and development.
The Continental Reinsurance boss said that his company would continually create steps to address those challenges facing the insurance sector.
“I strongly believe that we will not get the inspiration from outside but one thing we will continue to do in Continental Re is that we are focusing on bringing back talent from the diaspora and this is one of the things we want to encourage”, he said.
He expressed the company’s commitment to continue to support underwriters and ensure capacity development in the African Continent.
Speaking, Commissioner for Insurance, Kenya, Mr. Sammy Makove said in the last ten years, Africa has witnessed strong economic growth trajectory.
Makove said this while speaking on the topic ‘Creating a value curve: How can foreign investors share and support Africa’s prosperity?’ at the summit.
He said that the services sector’s share of total employment and Gross Domestic Product has continued to grow exponentially, upstaging the traditional agricultural and manufacturing sectors.
According to him, this promising growth in the services sector is a paradigm shift not only in driving value addition but also serving as a critical input for other economic activities.
Other sectors where growth is expected, he added, are agriculture, water, fisheries, forestry, tourism, oil and gas.
He however observed that foreign investment has not grown significantly over the last few years.
According to him, Africa has an impressive economic potential with sustained GDP growth of five per cent over the last ten years.
The commissioner identified a growing consumer market due to rapidly growing population and a young and dynamic workforce in the continent.
He observed that there was expanding innovative business models such as mobile technology services, large and expanding informal sector, signs of an improving and more efficient business environment.