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Insurance sector to help boost the economy and create wealth among the growing population

Nigeria is a growing and developing country, there is immense pressure on the government to ensure economic growth and provide more jobs. Compulsory insurance in Nigeria has meant the insurance sector is still booming, and prominent figures within the industry have announced their readiness to support the efforts of government to boost the economy and create wealth among the growing population.

At a members’ evening in Lagos, the president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Ayodapo Shoderu, declared that the insurance sector could confidently play a leading role to national development.

Mr Ayodapo Shoderu said, “The insurance industry has the capacity to generate not less than 5,000 jobs annually, thus reducing the unemployment rate greatly”.

He added the caveat that in order for this to happen the government needs to remove all anti-insurance practices across all strata of government - “Among others, government must include insurance premiums in the budgets of its agencies and encourage that all its insurances are insured against risks”

When there is a clear growth sector such as the current Nigerian Insurance sector then investors from abroad feel confident and invest. In order to maintain the growth seen in the Nigerian industry sector, the government needs to pay it some attention and ensure it is safeguarded.

The Nigerian insurance sector has the possibility of creating 1000s of jobs for Nigerians; it is an attractive proposition especially when we look at the oil industry.