The Honourable Minister of Budget and Economic Planning, Sen. Abubakar Bagudu has assured the Nigerian Council of Registered Insurance Brokers (NCRIB) of Federal government’s continuous collaboration to strengthen the insurance sector.

Bagudu gave this assurance when members of the Council, led by their President and Chairman, Prince Babatunde Oguntade FIIN, FCIB paid a courtesy visit to the Ministry today, in Abuja.

Bagudu called on the NCRIB to take a critical review of the 2050 Agenda for the evolution of the insurance sector.

He emphasized the importance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth and the role of insurance brokers in drawing attention to risks management mitigating factors, and facilitating project preparation, thus attracting investors.

Bagudu acknowledged the crucial role of regulators and commended the NCRIB for their commitment to credibility and urged for further collaboration to enhance regulatory frameworks.

The Minister assured the delegation of his commitment to addressing their concerns and exploring avenues for partnership to ensure a conducive environment for the insurance sector to thrive.

Earlier in his speech, the Chairman of the NCRIB, highlighted the challenges facing the insurance sector, particularly concerning regulatory levies.

He emphasized the need for support from government to sustain regulatory activities essential for maintaining credibility within the industry.

Also speaking, the Vice Chairman of NCRIB, Ekeoma Ezeibe, echoed the Chairman’s sentiments, emphasizing the critical role of regulation in reinforcing credibility within the insurance sector and the adverse effects of eroding regulatory support.

The courtesy visit provided an opportunity for fruitful discussions on regulatory challenges, budgetary considerations, and collaborative initiatives to promote economic sustainability and growth.

Julie Osagie-Jacobs
Director Information (BEP)
14th March, 2024