CIIN sees ATI’s approval as industry driver, to boost GDP

The Chartered Insurance Institute of Nigeria (CIIN) has described the Federal Government’s approval of the agreement for establishment of the African Trade Insurance Agency (ATI), as an economic driver that would enhance the industry’s contribution to the gross domestic product (GDP).

CIIN’s President, Muftau Oyegunle, who expressed this over the weekend, said the government’s action demonstrates first-hand commitment to growth of Nigeria’s insurance industry.

ATI is a Pan-African institution that provides political risk insurance to companies, investors, and lenders interested in doing business in Africa. Its deep African roots have positioned the organisation to understand and assess the risks synonymous with the region, and to help mitigate them.

Its reputation as well as its credibility, financial strength, underwriting capacity, robust risk solutions, and risk assessment have ensured that it is credibly rated by clients.

A memorandum from the Attorney General and Minister of Justice, Abubakar Malami, explained that the request for the President’s assent on the agreement was sequel to the directive of the Federal Executive Council that the instrument be prepared and forwarded for execution.

Oyegunle said the ATI’s growth would go a long way in creating an enabling platform for foreign trade, and engendering economic activities within the sector, which will ensure its improved contribution to the GDP.

He noted that the signing by the President will inspire confidence among foreign entities and investors interested in the Nigerian market, and this would result in more partnerships as well as exchange of ideas and technology.

Oyegunle urged the Presidency to retain its faith in the industry, and the goodwill it had extended in recent time, as the sector would repay these through significant contributions to the growth of the economy.

“It is heart-warming to see the government actively promoting the growth of the insurance industry. As one of the four pillars of financial inclusion, this Act signed by the President for the take-off of the ATI is a worthy enabler for the industry’s growth.