Experts: Insurance, Pension Sector Key to Sustainable Economic Growth

Ebere Nwoji

Experts in the finance services sector have stressed the importance of a solid insurance and pension sector in building a virile and sustainable economy.

The finance experts who spoke at the 8th annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), with the theme: “Role of Insurance and Pension In Building Sustainable Economic Growth Under The New Government,” held in Lagos, called on the new administration to put in place enabling policies and laws that support the survival of the pension and insurance sectors to sustain their continue contributions to the national economic growth.

The Managing Director/Chief Executive Officer, APT Securities and Funds Limited,  Malam Kashmiri Garba Kurdish, while delivering his paper emphasised the need for Insurance and Pension operators to adopt a more creative and innovative ways in their business approach, product development and service delivery to grow the sectors.

Kurfi, while highlighting the contributions of the two sectors to the national economy said, “There is over N2.5 trillion assets managed by the insurance institution in Nigeria as of 31st December 2022.

“While there is over N16.6 trillion assets managed by the Pension Fund Administration as at 31st December 2022, the combination of the two institutions has a total asset of over N19 trillion. The role played by the two institutions in sustaining our economic growth left no one in doubt that they are instruments for most of the economic development.”  

Speaking, the Managing Director, ARM Pension, Mr. Wale Odutola, represented by Mrs. Abimbola Suleiman, ED, Investment, ARM Pension, said every household has a need for basic insurance and a basic pension plan.

Odutola noted that insurance and pension had gone a long way in improving the lives of people.

He explained that government alone could not engender sustainable economic growth, as such, insurance and pension should be encouraged among the rural dwellers to better their lots.

Former Secretary General of the African Insurance Organisation (AIO), Ms. Prisca Soares, said stressed the need for operators to embrace continued manpower development and technology adoption, which is a panacea for driving growth in modern-day businesses.