MSMEs Sector Is Too Important To Be Neglected – NAICOM
Mr. Olorundare Sunday Thomas, Commissioner For Insurance / CEO, NAICOM
The Micro, Medium and Small Enterprises (MSMEs) sector is too important to be neglected as it is key to the economic development of the nation and thus must be guided and protected against failure, the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olorundare Sunday Thomas has said.
Thomas who said this at the insurance sensitization workshop organized by NAICOM for MSMEs in Lagos, noted that 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.”
NAICOM emphasized the importance of MSMEs to national development, noting that “the importance of MSMEs to national development cannot be overstated. It is indeed the fulcrum of a nation’s growth and development.”
The workshop was meant to educate and enlighten the Micro, Small and Medium Enterprises (MSMEs) on the benefits of insurance.
While calling on MSMEs to embrace insurance as a risk-mitigating factor against unforeseen circumstances as well as the inherent benefits of insurance, Thomas said “The good thing which is our message to you today is that insurance will provide you the shock-absorber to withstand any of these unforeseen calamities when they do occur and help your reinstatement in business.
”The NAICOM is committed to our mandate of providing diligent oversight to the insurance sector towards ensuring prompt settlement of genuine claims when an insured event occurs.”
In order to be properly guided, NAICOM boss enjoined the MSMEs to be free to approach any of the 59 companies; 510 insurance brokers; four Microinsurance companies and four Takaful companies licensed by NAICOM for an appropriate and adequate insurance policy that meets their needs.
Thomas commended Lagos State government’s effort in ensuring the growth of MSMEs, adding that “Lagos state is a key stop for us for obvious reasons; first, Lagos has been Nigeria’s nerve centre of commerce, the State hosts the single largest number of, MSMEs in the country, put at 11.5% of the total. (NBS 2019)
“Secondly, and more importantly, the current and past administrations of this state have demonstrated a continuous commitment to sustaining MSME growth.
“Specifically, the constellation of deliberate policies, special programmes and projects, in collaboration with various agencies to boost capacity, access credit, enable trade are all commendable. Some of the State efforts that readily comes to mind and which have been supportive to the Federal Government efforts are the Lagos State MSMEs Exclusive Fairs; The N220 billion Micro, and Medium Enterprises Development Fund (MSMEDF) to cushion the impact of COVID 19 and Other State intervention programs.”
All of these efforts, according to NAICOM boss, represent both the will and action to engender MSME growth.
