The Abuja Chamber of Commerce and Industry (ACCI) and National Policy Advocacy Centre, (NPAC) are collaborating to enhance the resilience of Small and Medium Enterprises (SMEs) against financial risks.
Director General, ACCI, Mr. Agabaidu C. Jideani, during a high-level webinar titled “Can SMEs Still Afford the Risk of Not Insuring Their Businesses?” underscored the importance of insurance in shielding businesses from financial shocks and ensuring operational stability.
He stressed that SMEs remain the backbone of Nigeria’s economy noting that they are highly vulnerable to unexpected disruptions such as theft, fire, and natural disasters.
“To strengthen the resilience of Nigerian businesses, we must bridge the knowledge gap on insurance by educating SMEs, dispelling common myths, and facilitating access to affordable insurance products. This collaboration between ACCI, NAICOM, and industry stakeholders is a step toward ensuring that SMEs understand and leverage insurance as a strategic tool for sustainability,” he stated.
Speaking, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, emphasized that insurance is a crucial risk management tool that guarantees the sustainability of SMEs.
Mr Olusegun Omosehin who was represented by the Head of Microinsurance, Hajia Aisha Bashir, highlighted NAICOM’s strategic initiatives aimed at increasing accessibility, affordability, and awareness of insurance products tailored for micro, small, and medium-sized enterprises. These initiatives include Microinsurance and Takaful guidelines designed to foster financial inclusion.
Director at Gulf Insurance Brokers, Mr. Francis Nzeh, emphasized that insurance serves as a financial safety net, protecting businesses from potential losses.
He outlined key benefits such as risk mitigation, improved access to credit, and business continuity.
Also Head of Training Academy at AXA Mansard Insurance, Chidinma Gbemileke called for stronger regulatory enforcement to ensure fair practices in the insurance sector.
She emphasized the need for increased sensitization campaigns leveraging digital platforms and community outreach to educate SMEs on insurance benefits.
Olusola Akintonde
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