Africa - Nigeria: Blueprint to be unveiled soon for insurance sector
Source: Middle East Insurance Review | Jun 2016
The Nigerian federal government will soon release a new blueprint to re-position the country's insurance industry as part of a plan to diversify the economy, Minister of Finance, Ms Kemi Adeosun, said.
“As part of efforts to reposition the industry, and make it play a more critical role in the economy, the government has inaugurated a committee to review tthe Insurance (Consolidated) Bill. This committee is expected to submit its findings soon for proper action to be taken,” said Ms Adeosun. She called on insurers to support the committee to achieve growth for the industry.
Ms Adeosun also said that the government would support the industry to fill its capacity gap. Currently, the insurance sector contributes less than 1% of the GDP.