Nigeria Establishes AfCFTA Insurance Benefits Panel

Nigeria Establishes AfCFTA Implementation Panel

By Jeph Ajobaju, Editor-in-Chief

Nigeria has established a committee to facilitate the implementation of the African Continental Free Trade Area (AfCFTA) in the insurance sector.

Insurance Commissioner Sunday Thomas revealed this at the inauguration of a 15-man committee for the various segments of the industry.

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“The committee will coordinate and articulate the Nigerian insurance industry’s response to the AfCFTA and its implementation.

“They will develop and ensure the implementation of measures to ensure that the industry effectively exploits the benefits of the AfCFTA,” he said.

“They will develop and ensure the implementation of measures to protect the Nigerian insurance industry from the adverse effects of the AfCFTA.


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Connecting with agencies

“The committee will also engage and liaise with relevant bodies and agencies such as the National Action Committee on the AfCFTA (NAC-AfCFTA), the Nigerian Bureau of Trade Negotiations on the implementation of the agreement of the AfCFTA and any such body,” Thomas added, according to a report by Avant-garde.

“The Nigerian Office of Trade Negotiations (NOTN) has requested the Commission to participate in several meetings, including to receive and verify the final schedule of specific commitments, for transmission to senior trade officials.

“The NAC-AfCFTA has also informed the Commission of its intention to organize another stakeholder workshop for the Nigerian insurance industry.”

AfCFTA can boost African trade finance, experts say

According to Coronation Merchant Bank (CMB) experts, AfCFTA members can mobilize resources to increase trade finance globally.

WCD Director General Banjo Adegbohungbe urged member states to mobilize resources not only for the benefit of the continent but also for global trade.

He pointed out last year in WCD’s interactive section on “AfCFTA – The Road Ahead” that the emergence of the pandemic has brought about rapid changes in the international trade landscape and the expansion of intra-African trade via the AfCFTA is a critical catalyst for the Nigerian economy. .

“From supply chain disruptions to higher logistics costs to the adoption of digital platforms, the landscape has continued to evolve. More than ever, organizations have faced multiple challenges while trying to achieve their strategic goals.

“As Africa continues on its path to economic recovery, it must look inwards and strive to leverage resources and synergies in growing trade finance, not only to the benefit of Africa but around the world,” Adegbohungbe said.