Dr. Feyisayo Soyewo, Chairman Prestige Insurance Brokers Limited.
BY NKECHI NAECHE-ESEZOBOR--Chairman Prestige Insurance Brokers Limited, Dr. Feyisayo Soyewo, has called on the federal government to review the exchange rate which is affecting Nigeria rating in the international market.
Speaking in an interview with BusinessToday Online in Lagos, the doyen of the insurance industry noted that the low exchange rate has become a major challenge for Nigerians operating in the international market.
According to him “the exchange rate is still why we are rated so low in the international market. The exchange rate of about N550 of one naira to a dollar is not helpful at all for those of us who play in the international scene. This means that if am able to make in N550,000,000 million is just one million dollar in the international market and you are no where, while here in Nigeria you are rated high with such amount but internationally you are not there yet.”
On the wayout, he said “If the government is able to bring down the high exchange rate is going to help Nigerians in the international market. I really don’t know the magic they can use to achieve this, but if we don’t have more than N100 to one dollar or even less than a N100 to one dollar which still look a beat attractive and helpful in international market operations.
On expectation for 2022, he said his optimistic the industry will be able to achieve the N1 trillion target in 2022.
According to him with the the renewed efforts on compulsory insurance by the National Insurance Commission, (NAICOM) and high demand for life insurance policy this can be achieved.
“We are going to consolidate in the little gains of last year, especially life insurance business. I expect that the demand for life policy will still be on increase in 2022. Although we know is a tall order but is achievable. Am very optimistic that we are going to get there very soon, if we stay firm and put in enough efforts we could achieve N1 trillion come end of 2022.”
He noted that the result of 2021 is an improvement over 2020, although we aren’t expected to move faster. Is a steady growth.
He however commended the leadership of NAICOM for it’s renewed efforts to improve the insurance industry.
He reaffirmed that the insurance commission is doing their best and the efforts is commendable and the operations are also cooperating with them to ensure they get the best out of the market.
