By Cynthia Alo
The Federal Government has created a measure to enhance the implementation of the African Continental Free Trade Area, AfCFTA, in the insurance industry.
The Commissioner for Insurance, Mr. Sunday Thomas, disclosed this to newsmen during the inauguration of a 15 man committee for the various segments of the industry.
He noted that the committee is expected to coordinate the Nigerian insurance industry’s strategic response to the AfCFTA, as well as liaise with relevant government agencies on the implementation of the agreement in the insurance industry.
According to him, “The committee will coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA Agreement and its implementation.
“They will also develop and ensure implementation of measures to ensure that the industry effectively exploits the benefits of AfCFTA. Develop and ensure implementation of measures to protect the Nigerian insurance industry from being negatively impacted by AfCFTA.
“The committee will also engage and liaise with relevant bodies and agencies such as the National Action Committee on AfCFTA (NAC-AfCFTA, Nigerian Office for Trade Negotiations on implementation of the AfCFTA agreement and any such body.
“The commission was requested by the Nigerian Office for Trade Negotiations (NOTN) to participate in several meetings including to receive and verify the final Schedule of Specific Commitment, for onward transmission to the Senior Trade Officials.
“The NAC-AfCFTA has also informed the Commission of its intention to organize another stakeholders’ workshop for the Nigerian insurance sector.”