Ebere Nwoji
The National Insurance Commission (NAICOM), has called for unity and cooporation among operators of insurance sector in Africa to engender growth and development of the sector.
The commissioner for Insurance, Mr. Sunday Olorundare Thomas, who made the call while speaking at the investiture of Mr. Tope Smart as the new president of the African Insurance Organisation (AIO) in Lagos said development of the regional insurance market was no longer a choice but a necessity.
The commissioner noted that in Nigeria in particular, there was huge growth potential in insurance like wise all over Africa but that there was need for unity and cooporation among operators observing that there were a lot various governments in the continent would gain economically.
He added that the African insurance market was in dire need of serious collaboration and synergy now than in other time insisting that operators must look inward if truly they wanted to make an impact.
“Time has passed that we rely on foreign or international support from the west and other super powers as the world at large is overwhelmed by so many issues
“But let me charge the new leadership of the AIO to cap it by vigorously persuading the governments across the continent to play their roles in providing the necessary support, creating an enabling environment for insurance activities to flourish, continued lifting of border barriers making movement of resources almost impossible, promote healthy competitions amongst member states and promoting knowledge sharing across the continent among other objectives that would make insurance business thrive within the African markets, “he said.
He called on the new leadership of AIO to make great strides and landmark achievements during his tenure.
“Let me charge the new leadership that by the year 2022, the AIO will celebrate its golden Jubilee (50 years) being established in 1972 which means you can also write your achievements in gold for coming on board at this critical time. We expect to see great stride and landmark achievements when your tenure is over and the baton will change hands, “he stated.
He noted that the signing of the Africa Continental Free Trade Agreement (AfCFTA) had provided an avenue to foster unity and integration within the Africa region adding that it provided an avenue for achievement of a common market for goods and services; guaranteeing free movement of human resources and investment.
He charged the incoming AIO president to tackle the huge task facing him in his new position.
He added that the journey ahead might not be all smooth especially due to aftermath effect of the COVID19 pandemic and the present shapes of African economies.
