Bagudu Reassures Insurers of Government’s Intervention

Ebere Nwoji

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu has assured insurers, especially members of Nigerian Council of Registered Insurance Brokers (NCRIB) of federal government’s continuous collaboration to strengthen the insurance sector.

Bagudu gave this assurance when members of the Council, led by their President and Chairman Governing Board, Babatunde Oguntade paid a courtesy visit to the ministry in Abuja.

Bagudu called on the NCRIB to take a critical review of the 2050 Agenda for the evolution of the insurance sector.

He emphasised the importance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth and the role of insurance brokers in drawing attention to risks management mitigating factors, and facilitating project preparation, thus attracting investors.

Bagudu acknowledged the crucial role of regulators and commended the NCRIB for its commitment to credibility and urged for further collaboration to enhance regulatory frameworks.

The Minister assured members of the delegation of his commitment to addressing their concerns and exploring avenues for partnership to ensure a conducive environment for the insurance sector to thrive.

Earlier in his speech, the President of the NCRIB, highlighted the challenges facing the insurance sector, particularly concerning regulatory levies.

He emphasised the need for support from government to sustain regulatory activities essential for maintaining credibility within the industry.

Also speaking, the Deputy President of NCRIB, Ekeoma Ezeibe, echoed the President’s statement, emphasising the critical role of regulation in reinforcing credibility within the insurance sector and the adverse effects of eroding regulatory support.