NAICOM urges Nigeria’s insurance industry to leverage AfCFTA for growth

THE National Insurance Commission (NAICOM) has called on Nigeria’s insurance industry, particularly Loss Adjusters, to position themselves strategically for opportunities under the African Continental Free Trade Area (AfCFTA).

Mr Ekerete Ola Gam-Ikon, the Deputy Commissioner for Insurance, Finance and Administration, made the call while delivering the opening remarks at the Nigerian Insurance Industry AfCFTA Committee Workshop held at Ikeja, Lagos.

Gam-Ikon stressed that AfCFTA presents a “Game-changing opportunity for growth, prosperity, and market expansion” for Nigeria’s insurance sector.

He noted that as trade volumes increase across the continent, Loss Adjusters will play a critical role in assessing and managing risks associated with cross-border trade.

He said, “As we expand our services to other African countries, new opportunities will be created for Loss Adjusters. The demand for risk assessment and claims management will rise, and we must enhance our knowledge and skills to remain competitive.”

The workshop, which has the theme, “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters,” offered a platform to explore the economic landscape of Africa and the potential for innovation, investment, and cross-border integration.

Gam-Ikon emphasised that “AfCFTA is more than just a trade agreement; it is an avenue to unlock new markets and create strategic collaborations among African insurance players.”

He reaffirmed the National Insurance Commission’s (NAICOM) commitment to empowering Loss Adjusters in the AfCFTA era, and urged industry stakeholders to take proactive steps in improving their service offerings, professionalism, and competitiveness.

He added, “We will provide support, but your proactive efforts will determine your relevance. The free movement of goods, services, and people will expand Nigeria’s economic reach, and the insurance sector must be ready to take full advantage”.

Also, Gam-Ikon highlighted the importance of partnerships among African insurance firms, stating that through collaboration, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to enhance service delivery.

The Deputy Commissioner who declared the workshop open,  lauded the efforts of the Nigerian Insurance Industry AfCFTA Committee and the Institute of Loss Adjusters of Nigeria (ILAN) for organizing the event.

He called on the participants to engage actively, exchange ideas, and develop actionable strategies to maximize the benefits of AfCFTA.

He pointed out that the workshop marked a significant step in positioning Nigeria’s insurance industry for greater continental integration, reinforcing the role of Loss Adjusters in strengthening risk management and economic resilience across Africa.

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