Insurers move to address bottlenecks hindering doing business in Nigeria
The nation’s insurance industry is championing a cause that seeks to address the issues hindering doing business in Nigeria, in line with the country’s desire to increase foreign investment across the different sectors of the economy.
Insurers believe that as key stakeholders in the economy, it has a role to play in assisting government create the needed environment to attract foreign investment and contribute to the Nigeria’s GDP.
The industry in the last five years witnessed significant inflow of foreign investors into the sector, highlighting its attractiveness and growth potential.
This is as many of the foreign players emphasise on the country’s population of 170 million and largely youth population as growth factors for insurance and retail business.
Shola Tinubu, chairman of the National Insurance Conference Organising Committee speaking at press conference in Lagos said the 2017 Conference slated to hold at Transcorp Hilton Abuja between 9th July to 11th July is being organized to further underscore the aim of the Insurance Industry to continually upscale the knowledge of insurance operators and other professionals in the financial services sector as well as other stakeholders about contemporary dynamics in the economic development of the country and the globe generally.
He said the Conference would also highlight the catalytic roles which the insurance industry plays in achieving financial inclusion and by so doing, accelerating its contributions to Nigeria’s Gross Domestic Product.
Tinubu said the theme of the conference ‘Nigerian Open For Business’ is quite apt, in view of the policy direction of government towards the Ease of Doing Business Initiatives, being spearheaded by the Presidential Enabling Business Environment Council (PEBEC) under the Vice President, Yemi Osinbajo, as Chairman and the Minister of Investment and Trade, Okechukwu Enelamahas as Vice Chairman.
“Suffice it to state that PEBEC, which ultimate thrust is to dismantle all inhibitions militating against doing business in Nigeria has done commendably well in trying to make the country more attractive for foreign investment. It is my pleasure to applaud the government for the policy direction, especially against the backdrop of the nation’s economy currently in recession and the dire need for a reversal of the economic trend through the promotion of and exportation of local products.”
He said it is noteworthy that the selection of the Conference theme is fitting into the second phase of the Council’s plans in deepening existing reforms, completing and implementing pending initiatives, engaging with the public and validating completed reforms that would kick off medium term reforms. It is quite clear that there is no way any nation’s economy could develop when it greatly depends on foreign made goods, Tinubu said.
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