To ensure that the Nigerian insurance industry not only respond appropriately to developments in the larger society, the federal government Wednesday inaugurated the Nigerian Insurance Industry Committee on African Continental Free Trade Area (AfCFTA).
In his remarks at the inauguration in Abuja the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Sunday Thomas recalled that 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).”
According to him, the terms of reference of the committee include the following:
i) Coordinate and articulate the Nigerian insurance industry’s response to AfCFTA Agreement and its implementation.
ii) Develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA.
iii)Develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.iv)Engage and/or 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, among others.The 15-man committee is chaired by Mrs. Ekeoma Esther Ezeibe with Mr. Lanre Ojuola as secretary.
