NCRIB Harps on Economic Stability, Insurance Growth
The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on government to inject fresh ideas into the management of the nation’s economy in order to ensure stability.
Speaking at a media parley in Lagos today, NCRIB President, Mr. Shola Tinubu, described politic and economy as inseparable.
“It is a known fact that politics and economy are inextricably woven, as one negative or positive development in one would most assuredly affect the other, and vice versa. The stability of Nigeria political environment is an harbinger of a stable and progressive economy.
“As actors in the financial ecosystem, the NCRIB is using this platform to advise the government to inject fresh ideas into the running of the nation’s economy while at the same time sustaining the tempo of existing positive economic policies already put in place by the government,” he said.
Tinubu said the reflation of the economy should be anchored on enhanced promotion of local capacity to reduce over dependence on foreign goods and services, and by so doing reduce the strain on the nation’s currency vis a vis other foreign currencies.
He called on government to create an improved enabling environment for business and professional growth through initiation and tenacious pursuit of laws and regulatory prescriptions that would enhance economic growth.
Tinubu who urged government to pay urgent attention to poverty reduction also described unemployment and poor standard of living as the bye-product of poverty.
He said since insurance thrives more when the economy thrives, it is their believe that the industry will witness desired northward trend when the economy is on a sure sound footing, noting that while Nigerians are awaiting government to give more teeth to implementation of Oil and Gas reforms, power sector reforms and human capital development and redouble efforts in promoting agriculture, more attraction should also be given to the state of security in the country.
On the recent building collapse in Lagos and Oyo State as well as other similar disasters, he said the NCRIB is quite touched.
“It is our belief that the unfortunate incidences are actually accentuated greatly by the lax of regulatory enforcement in the construction environment. To combat this, Government needs to be more proactive in implementing building laws. Also, they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.
“While the Council commiserates with the victims of the building collapse, we like to use this opportunity again to call on government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003.
“Similarly, Nigerians are also advised to, on their own, insure their personal assets in order to mitigate their losses when and if losses of this dimension do occur. Every individual should ideally live up to his responsibility of care by protecting whatever is valuable to him or her, both life and property. Our slogan has been:”Whatever is worth having is worth insuring”.
The NCRIB boss who commended the effort of the National Insurance Commission (NAICOM) to drive insurance penetration, promised his Council’s support to the Commission in this regards.
“While the entire industry operators are saddled with the task to make this vision come to pass, the NCRIB would soon be redoubling its efforts by making inputs into the initiative. We like to use this opportunity to appreciate NAICOM for its favourable disposition towards growing the industry and assure that our Council will continue to complement the Commission in this regards,” he said.
