Going by the strength and potentials available in the insurance sector, Nigeria’s insurance industry is poised to overtake South Africa in the next five years.
This was stated by the Commissioner for Insurance, Fola Daniel.
Mr. Daniel who is wrapping up his tenure at the National Insurance Commission (NAICOM) said the industry has recorded tremendous achievements to bring it to number two in the continent.
Speaking at the 2015 Seminar For Insurance Correspondents at Ilorin, Kwara state, he said awareness about insurance among Nigerians has also improved.
“At the Nigerian Stock Exchange (NSE) the insurance has the largest presence when compared with sectors like the manufacturing, oil and gas industry.
At the Exchange, we have about three dozens of companies listed, apart from that the growth and awareness is growing though we have not reached our zenith,” the outgoing commissioner said.
He also applauded the Buhari administration for giving insurance a priority position.
“In the last three to five years, insurance was not recognised by government as it is today. The last year Insurance conference was actually initiative by Ngozi Okonjo-Iweala after government realised the rising profile of the sector. The outcome of the conference formed the campaign strategy of one of the political parties because it was clear the sector could be used to create jobs and wealth” he stated.
Daniel also recalled that since the advent of democracy and the transition that occurred from Obasanjo regime to Yar’Adua, no transitional structure had demanded the imput of the sector except the present administration.
“The present administration sought for our roadmap and this clearly shows the sector will be given its rightful position to contribute to the overall development of the economy” Daniel noted.