NAICOM, Insurance Operators Explore Opportunities in AfCFTA 

Committee on African Continental Free Trade Area (NII-AfCFTA Committee), and all arms of the industry for organising the workshop.

Chair, Nii-Afcfta Committee, Mrs. Ekeoma Ezeibe said the AfCFTA aims to promote industrialisation and diversification of economies by encouraging the development of regional value chains and manufacturing sector.

Ezeibe added that the anticipation was that diversified economic activity and sectors should lead to increased demand for insurance.

“It is for this reason that NAICOM, on 10th May, 2022 set up the NII-AfCFTA Committee, a committee, which I have the honour to chair. The committee is to, among others, coordinate the  insurance industry’s strategic response to AfCFTA as well as liaise with the AfCFTA Secretariat and other bodies in the implementation of the agreement in the Nigerian insurance industry.

“And as AfCFTA eventually harmonises trade and investment regulations across member countries, it is critical that the insurance sector of Africa’s largest economy, Nigeria, begins to contemplate the following potential opportunities and challenges in a continent-wide insurance regulatory regime which are harmonisation of insurance regulations among state parties in order to achieve market confidence and growth and a regulatory balance that protects consumers; multilateralism and reciprocity; Standardisation of practice.

“Others are cross-border opportunities and risks; trade in services without barrier; Intra-continental movement of personnel; and creation of a single big market as against a near stagnant market

“Since the creation of the Committee, we have been liaising with the National Action Committee on AfCFTA, Nigerian Office for Trade Negotiations, organised enlightenment workshops for us, the members to appreciate the work before us, attended many National Stakeholders Consultative meetings on the Agreed Five Priority Sectors under AfCFTA and workshops to consider offers from various state parties. We also hold our committee meetings every two weeks to appraise and plan towards achieving our mandate,”she added.