The West African Insurance Companies Association (WAICA), a regional association of insurance institutions in English-speaking West Africa, can help boost cooperation in the region, said Nigeria's Minister of State for Finance, Ms Doris Uzoka-Anite.
“Through WAICA, we can develop regional risk-pooling and reinsurance platforms; exchange data and expertise on climate modelling and disaster forecasting; and build professional capacity for innovative, sustainable insurance products,” she said in a speech at the opening ceremony of the WAICA 2025 Education Conference in Lagos on 13 October, according to local media reports.
“Such cooperation will transform insurance from a business venture into a development enabler for agriculture, trade, and small enterprises,” said Ms Uzoka-Anite, who was represented by Mr Ali Mohammed, director, Home Finance, Federal Ministry of Finance.
“Insurance will achieve its true impact only when it reaches everyone, including farmers, market women, artisans, and micro-entrepreneurs. We must promote microinsurance, digital channels, and parametric products that pay out instantly based on verified data.”
By doing so, we expand coverage, deepen financial inclusion, and strengthen resilience at the grassroots, which remains a priority of the Federal Ministry of Finance, she said.
The federal government has identified insurance as an indispensable mechanism to share and absorb shocks that it alone cannot shoulder, she also said.