COVID-19: Insurance sector will play a vital role in Africa’s economic recovery, says Buhari

President Muhammadu Buhari says the insurance industry will play a vital role in Africa’s economic recovery from COVID-19.

He said the insurance sector would play a crucial part in the diversification of the economy by bringing “necessary stability, economic sustainability, revenue generation, job creation and financial inclusiveness.’’

The president spoke virtually on Monday at the opening ceremony of the 47th African Insurance Organisation (AIO) conference and annual general assembly.

Femi Adesina, presidential spokesperson, in a statement, quoted Buhari as saying, “There is a great future for the insurance industry in Africa. We only need to put the right mechanism in place for it to thrive. I assure you that this administration has and will continue to support insurance growth in Nigeria and Africa at large.”

“I commend the leadership of the AIO for the resilience, foresight and perseverance in ensuring that the African Insurance market strives to meet its expectations in the global market notwithstanding the prevailing challenges.’’

Buhari urged insurance firms in Nigeria to take advantage of ongoing efforts by the Federal government to grow the non-oil sector of the economy through innovation.

He also commended their roles in encouraging medical practitioners to tackle the spread of COVID-19.

The president said the theme of the conference, “Rebuilding Africa’s Economy: An Insurance Perspective”, was apt and well thought out to respond to the reality of the moment as many governments try to devise ingenious ways to manage their economy in the aftermath of the COVID-19 pandemic.

“The pandemic has indeed changed many perspectives that have forced leaders across the globe to think hard for remedies,” Buhari said.

“I want to assure you that we in Nigeria are doing everything humanly possible to ensure a coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy in which I strongly believe the insurance industry has a vital role to play.”

Buhari noted that the COVID-19 pandemic presented a global challenge that led to the lockdown of many countries, travel restrictions, and issuance of many health protocols, affecting all human, social and economic interactions.

“COVID-19 is still a serious challenge in many countries across the globe. However, adequate protocols have been put in place to curb its spread and vaccination is in progress,” the president added.

“We understand as a government and nation the need to frontally tackle some of the disruptions to our social, economic and health occasioned by the pandemic by putting in place sufficient measures that allow the system to function.

“I once again use this opportunity to commend the Nigerian Insurance industry for identifying with the government through the provision of life insurance set of packages for frontline medical and paramedical personnel in the course of this fight. Your support and solidarity in these times are highly appreciated.”

Buhari thanked the organising committee for successfully putting the conference together, adding that the sub-topics listed for discussions were germane and critical in helping Nigeria and Africa rebuild.

“We are aware that the AIO’s Conference and Annual General Meeting is rotated amongst member states to provide a forum for the exchange of information and strategies on market development while promoting regional knowledge and integration,” he added.

“We received the news of the decision of the Executive Committee of the AIO granting Nigeria the hosting rights of this 47th edition of the AIO Conference with pleasure. As a country, we are confident in our ability to deliver the best conference ever in the year 2020 before the outbreak of the COVID-19 pandemic.”