Joy Agwunobi
The National Insurance Commission (NAICOM) has established the Nigerian Insurance Industry–AfCFTA Committee, urging insurance sector stakeholders to explore expansion beyond Nigeria’s borders.
In a recorded video message shared on NAICOM’s official X handle, Olusegun Omosehin, the commissioner for insurance and chief executive officer, emphasised the significance of the African Continental Free Trade Area (AfCFTA).
Established in 2018, AfCFTA officially commenced trade on January 1, 2021, and remains the largest free trade area in the world by the number of participating countries since the formation of the World Trade Organisation.
Omosehin noted that NAICOM set up the Nigerian insurance industry–AfCFTA committee to position the sector for the opportunities presented by the trade agreement.
He explained that the committee includes representatives from all arms of the market—underwriting, brokering, and adjusting—ensuring a broad-based approach to harnessing the benefits of AfCFTA.
“The AfCFTA committee is an industry-wide body that brings together all segments of the market including underwriting, brokering, and adjusting— which is aimed at taking full advantage of the opportunities that have been created by AfCTA,” he said.
According to him, the committee, chaired by Ekeoma Ezeibe, saddled with the responsibility of sensitising and creating awareness within the Nigerian market to effectively tap into new growth opportunities across the continent.
“We are throwing our weight fully behind this committee because we believe in the potential and ability of the Nigerian insurance sector to excel even beyond the national borders.”
“Let us innovate, grow, and prepare to expand beyond Nigeria. I have absolute confidence that our industry can excel not just across Africa but beyond,” Omosehin added.
With AfCFTA opening up a vast market, Omosehin urged industry stakeholders to take proactive steps in leveraging the agreement for sustainable growth and cross border competitiveness.
