- President Buhari has signed the instrument to establish the African Insurance Agency
- The Agreement and the Agency are registered with the Secretariat of the United Nations
- The purpose of the Agency is to provide, facilitate, encourage and develop the support for insurance
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Nigeria's President Muhammadu Buhari has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency.
Legit.ng gathered that Garba Shehu, the senior special assistant to the president (media and publicity), revealed this in a thread of tweets on Monday, August 10.
According to the presidential spokesman, the Agreement and the Agency are registered with the Secretariat of the United Nations in accordance with Charter of the United Nations.
From the tweets, the object and purpose of the Agency are to provide, facilitate, encourage and otherwise develop the provision of, or the support for, insurance.
He went on to explain that this was aimed at attaining sustainable growth, promoting economic activity, and creating an enabling environment for foreign trade, as well as cross-border and domestic investments.
The agreement is incognizant of the fact that lack of adequate political, non-commercial and commercial risk insurance is a significant impediment to the availability of finance for investments in Africa and the expansion of African foreign trade and intra-Africa trade.
When executed, the Agency would acknowledge previous multilateral efforts made by African States towards regional economic integration through co-operation in trade liberalisation and development.
He further stated that the ratification was adopted at Grand Bay in the Republic of Mauritius on May 18, 2020.
Earlier, Legit.ng reported that the appointment of Alhaji Sabiu Bello Abubakar and Oba Olufemi Oluniyi as the deputy commissioners for National Insurance Commission (NAICOM) has been approved.
President Buhari gave the approval in a statement to the deputy director in the office of the commissioner for insurance, Rasaq Abdulsalam, on Monday morning, July 27.
In the letter, it was stated that Abubakar will serve as the deputy commissioner (Technical) while Oluniyi will serve as the deputy commissioner in charge of finance and administration.
The appointments take effect from Friday, July 17, 2020, and will run for the initial tenure of five years.
In other news, the president signed the N10.8 trillion revised 2020 budget into law.
Buhari signed the document at the council chamber of the presidential villa, in Abuja on Friday, July 10, according to Tolu Ogunlesi, his special assistant on digital/new media.
"President Buhari signing Revised 2020 Budget this morning, at the State House. #Budget2020Revised," Ogunlesi disclosed in a tweet.
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