The Nigerian Council of Registered Insurance Brokers (NCRIB) has beckoned on federal government to implement new ideas on how to run a prosperous economy and sustain policies initiated for growth. NCRIB President, Shola Tinubu, who made this known at a media parley in Lagos, said that to reduce over-dependence on foreign goods and services to contain the strain on the nation’s currency, the reflation of the economy should be anchored on enhanced promotion of local capacity likewise other foreign currencies.
Tinubu urged the government to create an environment that would enable business and professional growth through the implementation of initiation and tenacious pursuit of laws and regulatory prescriptions that would enhance economic growth to reduce poverty made up of poor standard of living and unemployment.
“While Nigerians are awaiting government to give more teeth to implementation of Oil and Gas reforms, power sector reforms and human capital development and redouble efforts in promoting agriculture, more attention should also be given to the state of security in the country,” he said.He stressed since insurance thrives more when the economy thrives, it is the believe of the brokers fraternity that the industry will witness desired northward trend when the economy is on a sure sound footing. He also called on the government to give more impetus to the implementation of the compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003.
“In the light of recent building collapse in Lagos and Oyo states, as well as other similar disasters, the NCRIB is quite touched. It is our belief that the unfortunate incidences are actually accentuated greatly by the lax of regulatory enforcement in the construction environment. “To combat this, Government needs to be more proactive in implementing building laws. Also, they have to continually engage stakeholders in the construction built environment and related institutions to elicit their input for a long lasting solution to the malaise.
“While the Council commiserates with the victims of the building collapse, we like to use this opportunity again to call on government to give more impetus to the implementation of the enforcement of compulsory building insurance as enshrined in Section 64 and Section 65 of Insurance Act 2003. “Similarly, Nigerians are also advised to, on their own, insure their personal assets in order to mitigate their losses when and if losses of this dimension do occur. Every individual should ideally live up to his responsibility of care by protecting whatever is valuable to him or her, both life and property. Our slogan has been: ‘Whatever is worth having, is worth insuring,’” Tinubu said.
Fatai Adegbenro, the Executive Secretary of the NCRIB, , lauded government for borrowing to finance infrastructure, stressing that the development of infrastructure will impact the insurance industry positively.According to him, the development of infrastructure will help create more jobs, which would in return, enable the citizenry acquire assets that they will need insurance policy to protect.