$1trn Economy: Experts To Discuss Roles Of Insurance, Pension Players

As the President Bola Ahmed Tinubu’s administration targets a $1trillion economy in 2026, experts will converge to discuss the roles of insurance and pension sectorial players in this audacious economic target.

Tinubu, while attending the 29th Session of the Nigerian Economic Summit Group (NESG) in 2023, had promised to grow the nation’s economy to $1 trillion by 2026.

Presently, the main drivers of the economy are: crude oil, agriculture, services and manufacturing, even as the various sectors, including insurance and pension sectors of the country’s economy increase the tempo of economic activities to meet the set target.

The experts, who will discuss the theme: ‘Towards A $1 Trillion Economy: Roles of Insurance And Pension Sectors,’ at the 2024 Nigerian Association of Insurance and Pension Editors (NAIPE) national conference scheduled to hold in Victoria Island(VI), Lagos, on Tuesday, 8th of October, 2024, will examine opportunities that the insurance and pension sectors can tap into, leveraging on this target.

To this end, the group has unveiled panellists for its 2024 national conference. The panellists, comprised of experts from key sectors of the economy, including insurance, pension and capital markets, will discuss and analyse the theme of the conference.

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The panellists include: Tunde Mimiko, managing director/CEO, Sanlam Life Insurance Limited; Adeyemi Mayadenu, executive director, Technical, NEM Insurance Plc (General); Wale Okunrinboye, chief investment officer, Access Pensions; Oluseye Olusoga, managing director/CEO, Parthian Partners Limited and Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria (PenOp).

The former commissioner for Insurance/CEO, National Insurance Commissioner (NAICOM), who is also the former managing director/CEO, FBS Reinsurance Limited, Fola Daniel, will chair the conference. At the same time, the managing director/chief economist, Analysts Data Services and Resources, Dr. Afolabi Olowookere, will deliver the theme paper.

The special guests of honour for the conference will be the commissioner For Insurance/CEO, NAICOM, Olusegun Omosehin and the director-general of the National Pension Commission (PenCom), Omolola Bridget Oloworaran.

Commenting on the theme of the conference, NAIPE Chairperson, Nkechi Naeche-Esezobor, said the theme of the conference was carefully chosen to draw the attention of the operators of the two sectors to the realities on the ground, especially regarding what they need to do to remain relevance in the unfolding economic situation in Nigeria.

While Insurance sector is expected to provide the needed support in terms of protection against risks that may likely crystallise during the period and beyond, Naeche-Esezobor said, pension sector, on the other hand, is expected to take care of the welfare of the workers by ensuring proper management of workers’ pension contributions and timely payment of pensions to retirees.

She noted that, not less than 250 stakeholders from the insurance, pension, finance, organised private sector and trade unions and associations would attend the conference.