The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, has called on Nigerian insurance companies to position themselves strategically to harness the opportunities presented by the African Continental Free Trade Area (AfCFTA).
Omosehin made this charge at a workshop for insurance companies organized by the Nigerian Insurance Industry Committee on AfCFTA, held recently in Lagos. Represented by NAICOM’s Deputy Commissioner for Technical, Dr. Usman Jankara, he underscored the transformative potential of AfCFTA, describing it as an avenue for economic growth, trade expansion, and enhanced investment across Africa.
According to him, AfCFTA is set to create the largest free trade area in the world, presenting an opportunity for the Nigerian insurance industry to expand its reach, embrace innovation, and maximize the benefits of regional economic integration.
He emphasized that a critical concern remains the collective preparedness of Nigerian insurers to take advantage of these prospects. He urged CEOs of insurance companies and members of the Nigerian Insurers Association (NIA) to reflect on whether they would relinquish their leadership position in Africa’s insurance sector or assert their dominance by leveraging their strengths to drive growth, innovation, and economic prosperity.
Commending the Nigerian Insurance Industry Committee on AfCFTA and all industry stakeholders for organizing the workshop, Omosehin stressed the importance of collaboration and mutual recognition agreements among insurers. He called on industry players to work together to navigate regulatory complexities and create a level playing field that fosters growth and development.
He further urged insurance operators to share insights and collaborate to unlock the industry’s full potential. “By working together, we can build a stronger future for our industry, our nation, and our people,” he added.
