In an effort to ensure that the Nigerian Insurance industry responds appropriately to developments in the larger society. The Commissioner for Insurance Sunday Thomas has inaugurated a thirteen man committee to coordinate the Nigerian insurance industry’s strategic response to the African Continental Free Trade Area (AfCFTA) as well as to liaise with relevant agencies of government and other bodies on the implementation of the AfCFTA Agreement in the Nigerian insurance industry.
Speaking at the event, the commissioner for insurance says, the committee will coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation. Develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA. Develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.
Engage and liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body. Lead bilateral negotiations with any interested State Party regarding the Nigerian insurance sector. Regularly consult with relevant stakeholders to ensure that positions or views canvassed are reflective of the interest of the Nigerian insurance industry. Attend relevant meetings, seminars, workshops, conferences, etc and articulate the Nigerian insurance industry’s views on AfCFTA.
Submit regular updates/reports regarding developments on AfCFTA and activities of the Committee to NAICOM. Carry out such other relevant activity(s) that the Committee may consider beneficial to the Nigerian insurance industry in respect of AfCFTA implementation. He therefore urged the National Action Committee on AfCFTA to collaborate with the Committee on matters relating to the implementation of the AfCFTA Agreement in order to ensure that it is done in the overall interest of the Nigerian insurance industry.
It will be recalled, sequel to the need to enhance involvement of the Nigerian insurance industry in the activities of the National Action Committee on African Continental Free Trade Area (NAC AfCFTA), it was resolved at the 9th Meeting of the Insurers’ Committee held on 1st of July 2021 that each arm of the Nigerian insurance industry should nominate experienced representatives to participate on the relevant Workstream of the National Action Committee on AfCFTA (NAC-AfCFTA).
