Federal Govt To Intervene In Budgetary Consideration, Regulatory Bottlenecks For Insurance Industry

The federal government (FG) through the minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has promised to address regulatory challenges, budgetary considerations, and collaborative initiatives to promote economic sustainability and growth of the insurance industry.

The minister gave the assurance when members of the Nigerian Council of Registered Insurance Brokers(NCRIB), led by its president, Prince Babatunde Oguntade paid a courtesy visit to the ministry yesterday in Abuja.

While assuring the council of the federal government’s continuous collaboration to strengthen the insurance sector, he called on NCRIB to take a critical review of the 2050 Agenda for evolution of the insurance  sector.

He emphasised  the importance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth and the role of insurance brokers in drawing attention to risks management mitigating factors, and facilitating project preparation, thus attracting investors.

Bagudu acknowledged the crucial role of regulators and commended NCRIB for their commitment to credibility while calling for further collaboration to enhance regulatory frameworks.

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The minister assured the delegation of his commitment to addressing their concerns and exploring avenues for partnership to ensure a conducive environment for the insurance sector to thrive.

Earlier in his speech, the president of NCRIB, highlighted the challenges facing insurance sector, particularly, concerning regulatory levies and emphasised the need for support from government to sustain regulatory activities essential for maintaining credibility within the industry.

Also speaking,  the vice president, NCRIB, Ekeoma Ezeibe, echoed the president’s sentiments, emphasising the critical role of regulation in reinforcing credibility within the insurance sector and the adverse effects of eroding regulatory support.