Kano to attract foreign investment using compulsory insurance

The Kano State Government has resolved to use its new found compulsory insurance culture to attract foreign investment.

The state government is optimistic that an entrenched insurance culture would assure investors of the safety of their investments.

Secretary to the Kano State Government, Alhaji Usman Alhaji, who represented the state governor, Dr. Abudullahi Umar Ganduje, made this revelation in Abuja Thursday at a Three-Day retreat for members of the Technical Committee on implementation of Third Party Liability and other Insurances in Kano state.

Alhaji Usman Alhaji told journalists that the Kano state “government is exploring and promoting insurance culture in the state to, among others, encourage Foreign Direct Investment (FDI). In the long run, they (investors) will have to be insured as well and that will give them the safety required in case of any eventuality”.

The compulsory insurance policy adopted by Kano state government he said “is deliberate because we know that in the long run, we stand to mutually benefit: the insurance companies; the State government and the people of Kano.”

The Kano State Government Secretary added that the compulsory insurance policy was adopted by the state government in its quest “to make Kano a better state, develop economically and move to the next level”.

He said the policy will guarantee “the protection of the people of the state and their businesses, by ensuring they are insured and in the event of any eventuality, they can get relief”.

The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM) Mr Sunday Thomas, said the steps taken by the Kano state government over insurance was a testament that insurance could indeed thrive anywhere in Nigeria.

He said that the objective of the retreat was to equip members of the committee with requisite information and knowledge to enable them maximize opportunities that would help grow and develop insurance culture amongst Kano state citizens.