Adesina Tasks Insurers On Public Trust As He Becomes Nigeria’s Global Insurance Ambassador.
Former President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has been named Global Ambassador for Insurance in Nigeria and Face of Insurance in the country, with a pledge to champion reforms aimed at repositioning the industry as a major driver of economic growth.
Adesina made the commitment while delivering the keynote address at the Nigeria Insurance Directors Conference, organised by the Chartered Insurance Institute of Nigeria (CIIN) in collaboration with the National Insurance Commission (NAICOM) in Lagos.
He said he would deploy his experience, international networks and leadership influence to promote the growth, visibility and transformation of Nigeria’s insurance sector.
Speaking on the theme, “Building the Nigerian Insurance Industry: Institutional Transformation, Public Accountability and National Economic Development,” the former AfDB president challenged insurance operators, regulators and industry leaders to prioritise public confidence, accountability and professional standards. He said Nigeria’s insurance penetration, estimated at about 0.5 per cent of Gross Domestic Product (GDP), remained a major constraint to the country’s capacity to protect households, businesses and productive investments. According to him, the industry must move beyond conventional business practices and assume a more strategic role in supporting the Federal Government’s ambition of building a one-trillion-dollar economy. Adesina maintained that sustainable economic growth depended on an insurance industry capable of protecting productive assets, managing risks, supporting investments and mobilising long-term capital.
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