Nominations for 2017 BusinessToday Online Awards which brings together players in the insurance and pension industry have opened.The key objective of the award is to recognize and reward the achievements of individuals and companies that have played a defining role in moving the industry forward.
The event which commemorates with the 5th anniversary of BusinessToday Online, is scheduled for Tuesday 28th August , 2018 at Sheraton Hotel and Towers, Ikeja, Lagos- State with the theme: “Repositioning the Nigerian Economy: The Role of Insurance And Pension Industry”.
The award which started in 2013 is also aimed at promoting innovation and sustainable growth in both sectors of the economy.
In Nigeria the insurance industry contributions to GDP is less than one percent despite high population of over 160 million people when compare to other Africa countries like South Africa, Kenya, Morroco etc.
On the other hand, the Pension Reform Act under the Contributory pension Scheme signed into law in Nigeria in 2004 has grown its investment assets to N7.8 trillion.
As of today investment of pension fund in federal and state governments’ securities, has assisted Nigerian governments to cost-effectively manage their national debts, thereby contributing in the solving of their financial needs. The fund has come in as an independent financial intermediary, as the nation’s private business enterprises no longer rely on the banks as the sole sources of outside capital for the financing of their businesses. The fund has therefore provided a domestic source of borrowing, which doesn’t attract excessive high interest rate. The transfer of resources in favour of long term assets by the fund has significantly impacted on the nation’s GDP growth rate.
Individuals, staffs and clients can nominate by voting in the eight categories .
70 percent of votes goes to the public while 30 percent of votes goes to our panel of judges made up experts in the insurance and pension industry.
Voting period has ended.