- A federal lawmaker, Senator Uba Sani, has revealed why Nigeria's insurance should be repositioned
- Senator Uba Sani made this known on Thursday, February 20, in Abuja, during a retreat on the insurance policy
- The senator noted that the retreat took a critical look at the role of insurance in the growth and development of the economy
The lawmaker representing Kaduna Central at the Senate, Senator Uba Sani, has called for a revamp of the nation's insurance sector to enable the National Insurance Commission (NAICOM) to achieve its fundamental goals.
Legit.ng's regional reporter in Kaduna, Nasir Dambatta, reports that the senator decried the long neglect of the insurance industry in the country despite its importance, adding that the sharp practices within the sector, lack of public knowledge of the role of insurance, lack of requisite skills by personnel are impeding the progress of the insurance industry.
The senator made this known on Thursday, February 21, when he led the Senate committee on banking, insurance, and other financial institutions in what he described as "highly interactive, intellectually stimulating and result oriented one day retreat" with the National Insurance Commission (NAICOM)
The retreat which held in Abuja had as its theme "Insurance as a contributor to economic development: Issues and way forward for Nigeria Insurance."
According to the senator, the retreat took a critical look at the role of insurance in the growth and development of the economy, the poor state of the insurance industry in Nigeria and how to restore the industry to its pride of place.
In his intervention at the retreat, Senator Uba Sani decried the long neglect of the insurance industry despite its importance, lack of requisite skills by personnel in the insurance industry, and the outdated and ineffective regulatory framework.
He, however, urged for pulling of energies and expertise between the committee and NAICOM to amend and strengthen the legal framework for insurance, as well as the carrying out of intensive and extensive awareness campaigns on the role of insurance in risk mitigation and economic development.
Meanwhile, Legit.ng had previously reported that the Central Bank of Nigeria (CBN) called the attention of the federal government to the rising debt profile in the country.
It was reported that the apex bank in Nigeria made this call during the 271st meeting of its Monetary Policy Committee (MPC) in Abuja on Friday, January 25.
The caution was contained in a state made by the governor of the CBN, Godwin Emefiele, who pointed out that the nation's debt was growing faster than its local and international revenues.
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