By Rosemary Onuoha
Experts in the insurance and pension sectors have called for policies that will facilitate the investment of insurance and pension funds in sectors such as manufacturing, agriculture and aviation.
The experts who spoke at the 5th conference of the National Association of Insurance and Pension Correspondents (NAIPCO) themed, “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors,” noted that there is need for the real sectors of the economy to have access to insurance and pension funds to finance their operations.
Chairman, Nigeria Social Insurance Trust Fund, (NSITF), Mr. Austin Enajemo-Isire, said there is an urgent need to consider alternative strategies to retool the economy for survival and growth.
Enajemo-Isire said: “The current restrictive nature of insurance and pension funds investment outlets calls for review of the legislations guiding investment of insurance and pension funds. The yelling and plea from the Organised Private sector of Nigeria (OPSN) to create more access to investible funds deserves attention.
“It is worthy to note and be reminded that insurance and pension funds are subject to regulatory guidelines as provided in section 25 of the Insurance Act 2003 as amended and Sect 86 of the PRA 2014, for the purpose of safety and returns.
“However, considerations for review of these legislations to enable some special and real sectors of the economy have access to insurance and pension fund to finance their operations will be most beneficial to the growth and development of the nation’s macroeconomic activities. A deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest insurance and pension fund in sectors such as manufacturing, agriculture and aviation, etc with an inbuilt safety net, will be a welcome development,” he suggested.
Also speaking at the event, Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, called on government at all levels to support and patronize the Nigerian insurance industry to achieve its objective, support the nation’s economy, ensure returns on investments as well as achieve capital adequacy.