MINISTER of Budget and Economic Planning, Senator Abubakar Bagudu, has assured the Nigerian Council of Registered Insurance Brokers (NCRIB) of the Federal Government’s continuous collaboration to strengthen the insurance sector.
He gave the assurance when members of NCRIB, led by its president, Babatunde Oguntade, paid a courtesy visit to the ministry.
Bagudu called on the NCRIB to take a critical review of the 2050 Agenda for the evolution of the insurance sector and emphasised the importance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth.
He noted the role of insurance brokers in drawing attention to risk management mitigating factors and facilitating project preparation, thus attracting investors.
Bagudu acknowledged the crucial role of regulators and commended the NCRIB for their commitment to credibility as he called for more collaboration to enhance regulatory frameworks.
The minister assured the delegation of his commitment to addressing their concerns and exploring avenues for partnership to ensure a conducive environment for the insurance sector to thrive.
The president of the NCRIB, in his speech, highlighted the challenges facing the insurance sector, particularly, concerns on regulatory levies.
He stressed the need for support from the government to sustain regulatory activities necessary for maintaining credibility within the industry.
Similarly, the Vice President of NCRIB, Ekeoma Ezeibe, echoed the president’s sentiments, stressing the critical role of regulation in reinforcing credibility within the insurance sector and the adverse effects of eroding regulatory support.
The visit availed both parties ample opportunity for fruitful discussions on regulatory challenges, budgetary considerations and collaborations to promote economic sustainability and growth.
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