NAICOM Boss Applauds FG Plans through deliberate policy to lift 100million Nigerians from poverty in next ten years

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Mr Olorundare Sunday Thomas, Commissioner For Insurance (CFI)/CEO, National Insurance Commission (NAICOM) in his welcome address at The Sensitization Workshop On Insurance For MSMSEs And Stakeholders at Ikeja in Lagos said that while some challenges still abound from infrastructure to funding, it is encouraging that the Federal Government through its deliberate policy of removing 100million Nigerians from poverty in the next ten years is taking on the challenges to build businesses and leverage them to create prosperity.


He pointed out that in addition to the efforts of the government at all levels, the spirit of entrepreneurship of Nigerians is driving creativity and productivity.

However, Mr Thomas further noted that the concern is that whatever gain or progress made in this sector can be halted abruptly in the face of a natural or man-made disaster which can often prove daunting to surmount without any support. In particular, Insurance Commissioner said when MSMEs are affected by any mishap, the disruption produces not only direct business losses, but also indirect losses and economic ripple effects. The range of impact include job losses, debt overhang, and a relapse of households into extreme poverty, he added.


He stated that while the risks that expose MSMEs to this type of vulnerability may not be within the scope of human control, what is within human reach is a deliberate risk management plan through Insurance.


“Insurance is that product you buy when you think you do not need it because it may be too late to buy it when the need for it arises.


“Notwithstanding the importance of Insurance to lives and property, adoption and penetration have been low in Nigeria owing largely to a lot of challenges principal of which may be the inadequate product offerings that meet the needs of the consumers including the MSMEs.

Mr Thomas reassured the stakeholders and general public that the NAICOM is committed to our mandate of providing diligent oversight to the insurance sector towards ensuring prompt settlement of genuine claims when insured event occurs. I dare say that the MSMEs sector is too important to be neglected as it is key to economic development of the nation and thus, must be guided and protected against failure. The encouraging responses validate that the products meet a critical need also that the appetite for players in the MSMEs sector to succeed sustainably is high.


“To ensure that you are properly guided, let me inform you that we have 59 insurance companies; 510 insurance brokers, 4 Microinsurance companies and 4 Takaful companies licensed by NAICOM to operate. Be free to approach any of them for an appropriate and adequate insurance policy that meet your needs.


He concluded that we believe that the conversations today will provide insights for us to learn from, to adequately protect the MSMEs as policyholders, ensure a safe and sound Insurance sector, as well as encourage innovation and product development that meet the specific needs of the MSMEs.


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