The commissioner for Insurance, Mr Olusegun Ayo Omosehin, has highlighted opportunities awaiting Nigerian insurance sector operators in the African Continental Free Trade Area (AfCFTA) adding that by removing trade barriers, insurers could develop cross-border insurance products, attract foreign investment, and promote economic development.
“With the removal of trade barriers, insurance companies can develop and offer cross- border insurance products, including coverage for businesses operating in multiple African countries, which can enhance the attractiveness of Nigerian insurers to multinational clients. This will also bring about increased investment as it is likely to attract foreign direct investment,” he observed.
Omosehin, who spoke in his opening remarks at a three day workshop on AFCFTA for insurance companies organised by the Nigerian Insurance Industry Committee on AFCFTA held in Lagos noted that the influx of capital could boost the insurance sector by providing the necessary funds for innovation, technology adoption, and capacity building in the industry.