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Insurers set up committee to assess market gains from AfCFTA

By Bankole Orimisan
31 May 2022   |   2:41 am
Following the harmonisation of Nigerian insurance industry’s action plans to exploit the African Continental Free Trade Area (AfCFTA), stakeholders in the sector have set up a 15-member committee

AfCFTA

Following the harmonisation of the Nigerian insurance industry’s action plans to exploit the African Continental Free Trade Area (AfCFTA), stakeholders in the sector have set up a 15-member committee to ensure that positions and views canvassed are reflective of the market.

According to them, the committee is also saddled with the task of managing and articulating the industry’s responses to the AfCFTA agreement and its implementation.

The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM), Sunday Thomas, at the inauguration ceremony of the committee in Abuja, called on members to hold fast to the terms of position to move the market to a greater height.

The commissioner highlighted some of the terms of reference include engaging and/or liaising with relevant bodies and agencies such as the National Action Committee on AfCFTA, the Nigerian Office for Trade Negotiations on implementation of the AfCFTA Agreement and any such body, leading bilateral negotiations with any interested state party regarding the Nigerian insurance sector and frequently consult with appropriate stakeholders to ensure that positions or views are reflective of the interest of the Nigerian insurance market.

Others are to attend relevant meetings, seminars, workshops, and conferences and articulate the Nigerian insurance industry’s views on AfCFTA and submit regular updates/reports regarding developments on AfCFTA and activities of the committee to NAICOM.

The NAICOM boss, who explained how the members were drawn from the industry, urged NIA, NCRIB, ILAN and NAICOM to act as a team with the National Action Committee on AfCFTA on matters relating to the implementation of the AfCFTA agreement.

According to him, the committee members are Ekeoma Esther Ezeibe, Chairman, Tunde Hassan-Odukale, Funmi Omo and Yetunde Ilori and Shola Ajibad. Others are Sina Elusakin, Eric Omozejele and Bimbo Onakomaiya.

To give effect to the resolution, the different arms of the industry were requested to nominate/provide representatives that would work/liaise with the NAC-AfCFTA.

“Though the nominations were subsequently conveyed to NAC-AfCFTA, there have been no effective engagements between NAC-AfCFTA and the representatives. However, the implementation of the AfCFTA agreement has gained great traction.

“The commission has recently been requested by the Nigerian Office for Trade Negotiations (NOTN) to participate in several meetings including to receive/verify the final schedule of specific commitment, for onward transmission to the senior trade officials,” Sunday said.