Dr. Zainab Ahmed, the Minister of Finance, Budget, and National Planning, has called on insurance operators in West Africa to transform the industry and enhance its global competitiveness.
She made this statement during the educational conference and 50th-anniversary celebration of the West African Insurance Companies Association in Lagos State, Nigeria.
The conference centered around the theme of “Re-positioning the insurance industry in West Africa for global competitiveness.”
In her address, Dr. Ahmed expressed optimism about a new era driven by technological advancements and a positive shift in focus.
She encouraged the delegates to deliberate and propose strategies for repositioning the insurance industry in West Africa to compete on a global scale.
Dr. Ahmed also highlighted the objectives of the African Continental Free Trade Area, which aimed to boost intra-African trade, facilitate the movement of people, deepen economic integration and prosperity on the continent, and strengthen Africa’s position in global trade negotiations by fostering a unified voice and policy framework.
She emphasized the importance of establishing a comprehensive insurance database to gain a holistic understanding of the industry’s operations in the sub-region.
Mr. Eddie Efekoha, the Vice President of WAICA (West African Insurance Companies Association), noted that WAICA serves as the umbrella association for insurance, reinsurance, and insurance broking companies in West Africa.
He highlighted WAICA’s role in facilitating knowledge enrichment, business information sharing, and networking among insurance professionals in the sub-region.
Mr. Efekoha stated that the conference aimed to address the rating of insurance companies in West Africa to enhance their global competitiveness.
Recognizing insurance as a global business, he explained that the chosen theme and carefully selected resource persons would provide diverse perspectives and insights on the issue.