The Chairman of the House of Representatives committee on Insurance and Actuarian matters, Mr Ahmed Jaha Babawo has decried the appalling level of contribution of the insurance sector to Nigeria’s gross domestic product (GDP).

Speaking during the inauguration of the committee at the National Assembly complex in Abuja, he said the contribution of the sector is far below that of 6 percent it contributes the GDP of South Africa.

The Borno born lawmaker said it was unfortunate that the contribution of the sector to Nigeria’s GDP is nothing to write home about in spite the fact that Nigeria would have the third largest population growth in the world after China and India by 2050.

He assured that the committee would leave no stone unturned in ensuring oversight of ministries, departments and agencies (MDA’s) of government on matters relating to insurance coverage of government properties and their employees in line with extant provision of the law.

Likening the committee to those of the House committee on Public Account and Procurement, he explained that the committee sphere of influence covers brokerage firms,the national insurance commission (NICON), the Nigeria deposit insurance commission (NDIC).

He hinted that both the NDIC and NICON who are among government owned enterprises (GOE) would be made to render account of their yearly budgetary proposals in line with the oversight duties of the committee.

Promising to unveil an action plan of the committee in February next year, he charged members of the committee to not only be dedicated to their duties but endeavour to equip themselves with requisite knowledge of the insurance sector.

As of March 2022, findings indicates that the rate of insurance penetration stood at 0.5 percent, regarded as one of the lowest in Africa and the worst in the world.