FG drums support for insurance industry growth

The federal government has pledged to continue to support the insurance industry through mutual initiatives that would sustain growth.

The Minister of Budget and Economic Planning, Abubakar Bagudu, gave the assurance when members of the Nigerian Council of Registered Insurance Brokers (NCRIB), led by the President, Prince Babatunde Oguntade, paid a courtesy visit to the ministry in Abuja.

The minister also assured the sector of addressing its regulatory challenges and budgetary constraints to promote the sustainability of the industry.

While assuring the council of the federal government’s continuous collaboration to strengthen the sector, Oguntade called on NCRIB to take a critical review of the 2050 Agenda to drive the next phase of growth of the industry.

He explained the significance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth.

He stressed the role of insurance brokers in drawing attention to the sector.

Bagudu commended NCRIB for its commitment to credibility, calling for further collaboration to improve regulatory frameworks.

The minister pledged the government’s commitment to addressing industry concerns and exploring openings for the partnership to create an environment for the insurance sector to thrive.

Oguntade listed the challenges facing the insurance sector, particularly, regulatory levies, and stressed the need for support from the government to preserve regulatory activities essential for maintaining credibility in the industry.

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