NCRIB Educates Traders On Wealth Creation Through Insurance

The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged Members of the Balogun Business Association (BBA) and ASPAMDA Market to embrace Insurance products to protect their valuables and properties against any unforeseen circumstance.

The Council, at the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign held at the Balogun Business Association Square (BBA), Auto Spare Parts and Machinery Dealers Association (ASPAMDA) Market, Lagos International Trade Fair, Badagry Road, in Lagos, noted that Insurance remains the best option to create wealth.

Addressing the Association in a meeting held at BBA Square, the President of the Council, Prince Babatunde Oguntade, assured them of the readiness of the Council to collaborate with the Executives of the Association and the traders on tailor-made insurance products.

Prince Oguntade noted that Insurance has the responsibility to undertake to provide a guarantee of compensation for specified loss, damage, illness or death.

According to him, the Council would ensure to get the best coverage at the best price for all Members of the Association.

The  United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign aims to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion through its Insurance and Risk Finance Facility (IRFF).

As part of UNDP’s plan, to achieve the focus of IRFF in Nigeria, the plan is to carry out a literacy campaign on insurance and consumer protection in the major market across Nigeria.

This is expected to go a long way in assisting traders, who are major contributors to the Nigerian economy, to ensure the stability and sustainability of their businesses and, by extension, their families through many generations.