BY NKECHI NAECHE-ESEZOBOR–The Commissioner For Insurance, Sunday Thomas, on Wednesday inaugurated the Nigerian insurance industry committee on African Continental Free Trade Area (AfCFTA).
The event is part of efforts to effectively exploit the opportunities in the free trade area.
Speaking at the event the commissioner said that “furtherance of the insurance operators’ resolve to ensure that they do not only respond appropriately to developments in the larger society, but to also ensure that the insurance operators are united in their responses to these developments.
Thomas said ” the development is sequel to the need to enhance involvement of the Nigerian insurance industry in the activities of the National Action Committee on African Continental Free Trade Area (NAC AfCFTA).
“It was resolved at the 9th Meeting of the Insurers’ Committee held on 1st of July 2021 that each arm of the Nigerian insurance industry should nominate experienced representatives to participate on the relevant Workstream of the National Action Committee on AfCFTA (NAC-AfCFTA).
He said to give effect to this resolution, the different arms of the Nigerian Insurance Industry were requested to nominate/provide representatives that would work/liaise with the NAC-AfCFTA.
He noted that though the nominations were subsequently conveyed to NAC-AfCFTA, there has been no effective engagements between NAC-AfCFTA and the representatives, despite the fact that the implementation of the AfCFTA agreement has gained tremendous traction.
He noted that the Commission has recently been requested by the Nigerian Office for Trade Negotiations (NOTN) to participate in several meetings including to receive/verify final Schedule of Specific Commitment, for onward transmission to the Senior Trade Officials.
He explained that NAC-AfCFTA has also informed the Commission of its intention to organize another stakeholders’ workshop for the Nigerian insurance sector.
“The 11th Meeting of the Insurers’ Committee held on 7th April 2022 in Lagos, it was resolved that a standing committee should be constituted to coordinate the Nigerian insurance industry’s response as well as develop and implement strategies/measure to ensure that the Nigerian insurance industry effectively exploits the benefits of AfCFTA.
“In order to avoid duplication of committees and save time, it was resolved that the earlier representatives/nominees of NIA, NCRIB and ILAN, that were forwarded to NAC-AfCFTA, be transformed into a Standing Committee of the Nigerian Insurance Industry that will deal with matters relating to AfCFTA, adding that the NIA, NCRIB and ILAN were thus consulted to reaffirm or update their nominees while NAICOM also designated some of its staff as members of the Committee.
