Sanwo-Olu, other stakeholders commends Naicom for sensitization workshop on insurance for MSMEs

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The Lagos State Government has commended National Insurance Commission for taking initiatives of bringing insurance operators and the Micro, Small And Medium Enterprises (MSMEs) operators together

The Governor of the State, Babajide Sanwo-Olu made the commendation at a sensitization workshop on insurance for MSMEs organised by the National Insurance Commission (NAICOM) today in Lagos.

The Lagos State Governor, who was ably represented at the event by the honoruable Commissioner for Finance in the State, Dr Rabiu Olowo saying the event came in a right place because Lagos State have majority of MSMEs operators in the country.

Sanwo-Olu therefore urged insurance operators to come out with MSMEs friendly, accessible insurance products that are free from technicalities and assurance in the process that can  grow their business.

Governor further called on MSMEs operators to procure insurance policy for the purpose of business protection given that challenges associated with their business.

He noted that this kind of  workshop will promote the culture of insurance among individuals and businesses in the state.

Earlier in his welcome address at event the commissioners of Insurance, mr Sunday Thomas says this workshop meant to educate and enlighten the Micro, Small and Medium Enterprises (MSMEs) on the benefits of insurance adding that the importance of MSMEs to national development cannot be overstated. He stressed that It is indeed the fulcrum of a nation’s growth and development.

MSMEs form the superstructure to stimulate mass enterprise growth and serve as a source of livelihood for the base of the pyramid population across all economies be it underdeveloped, emerging or frontier markets, Thomas added

He said In Nigeria, all development interventions of the current administration have had components focused on enabling these MSMEs sprout and flourish but unfortunately, with little or no insurance content to deal with associated risks and ensure sustainability and guarding them against failure.

While in goodwill message, the Chairman, Nigeria Insurers Association (NIA) Mr Ganiyu Musa assured the insurance industry’s committed to work with the MSMES operators

NIA Chairman was represented by the Director-General NIA, Mrs Yetunde Ilori who solicited MSMES to embrace insurance adding that “the era of it is never my portion is over.

We are ready to work with you . I am happy that Lagos State Government has given us a platform to work on”, he said.

Musa also commended NAICOM for organising the workshop as many MSMES operators suffered huge losses to fire incident here and there.

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