National Insurance Commission (NAICOM) has counselled retiring workers in the country to choose life annuity products from registered life insurance companies.

Given the down turn in the world economy, global attention is increasingly being focused on the manufacturing sector as the panacea for the development of the nation. This is more so for a country like Nigeria that depends solely on oil as a major source of foreign exchange. The fact still remains that it is impossible for us to develop as a nation without a strong manufacturing base.

Available data at the Central Bank (CBN), the Department of Petroleum Resources (DPR), and the Nigerian National Petroleum Corporation (NNPC), show that Nigeria’s oil export has started to show signs of improvement as it is expected to export 1.98 million barrels per day in September going by orders from oil-importing countries that buys Nigeria’s crude.

Efforts of the National Insurance Commission (NAICOM) at promoting quality and efficient insurance industry though competent supervision of the sector has been extolled by the Chairman of Staco Insurance Plc, Mr Dere Otubu just as the Staco Insurance posted a gross premium income of N4.4billion in 2008.

Insurance industry may henceforth witness change in attitude of the sector chieftains to industry programmes from poor and half to full participation.
There is likelihood that insurance’s chief executives may give ample time to attending industry’s training programmes in spite of their tight schedules in line with the new vision of the insurance industry.