The Nigeria Commissioner for Insurance said signing of the Africa Continental Free Trade Agreement (AfCFTA) has provided an avenue to foster unity and integration within the Africa region. It provides an avenue for achievement of a common market for goods and services; guaranteeing free movement of human resources, investment and technology, noted he.
The Commissioner For Insurance (CFI) Mr Sunday Thomas stated this in his address at investiture ceremony of mr. Tope Smart as the 23rdPresident of the African Insurance Organisaition AIO) recently held in Lagos
CFI said that not only in Nigeria that there is huge growth potential in insurance but is over Africa that we can unite and develop insurance business there is a lot our governments will get economically.
Mr Thomas on behalf of all Nigerians extolled the out-going President of the AIO, entire Executive Committee and the Management for their stewardship, steadfast commitment piloting the affairs of the organisation in what can be said to be the most trying moments of this decade and indeed for giving us the opportunity to showcase our potentials to the African insurance market and beyond.
He said the founding fathers of the AIO had a very thoughtful foresight by making sure we have this forum that has over these years had achieved tremendous success in harmonising the African insurance markets and bringing together experts of different insurance faculties annually to discuss burning issues affecting the continent and the rest of the world.
Thomas assured AIO President, Mr. Tope Smart that the journey ahead may not be all smooth especially due to aftermath effect of the COVID19 pandemic and the shapes of our economies across Africa presently.
He noted that there is huge task ahead of you and your team, but working with you over the years gives me high confidence that you are equal to the task and I can vouch for your hard work, resilience, foresight and determination. According to him, we will give the organisation necessary support it requires as we have always done and in return, we expect that Nigeria as a member is going to reap all benefits of its membership in the organisation in line with the new strategic objectives of the AIO.
“It is worthy to say that the African insurance market is in dare need of serious collaboration and synergy now than in other time in the past as we rightly agreed here that we must look inward if truly we want to make an impact.
“Time has passed that we rely on foreign or international support from the west and other super powers as the world at large is overwhelmed by so many issues.
Developing the insurance markets across Africa is no longer a choice but a necessity.
“I urge member states, Management and staff of the AIO to give the in-coming President the necessary support and encouragement he requires from them in his tenure.