GDP re­bas­ing will im­prove Nigeria’s global in­sur­ance rat­ing- CIIN Pres­i­dent

Daily Trust - - BUSINESS -

The Pres­i­dent, Char­tered In­sur­ance In­sti­tute of Nigeria (CIIN), Mr. Kay­ode Lawal, has said that the new Gross Do­mes­tic Prod­uct (GDP) sta­tus would im­prove the rat­ing of na­tion’s in­sur­ance in­dus­try in­ter­na­tion­ally.

Lawal told the News Agency of Nigeria (NAN) last week, in La­gos, that the in­dus­try would be­gin to get bet­ter recog­ni­tion in the global rein­sur­ance businesses.

He said the re­bas­ing of the GDP had iden­ti­fied eco­nomic struc­tures that needed gov­ern­ments’ at­ten­tion for sus­tain­able growth.

“This re­bas­ing is just a nomen­cla­ture. If your to­tal vol­ume is N10 mil­lion and you con­vert it to Cedes it be­comes 100 mil­lion Cedes, it has not changed the sta­tus of the econ­omy.

He said: “It’s only that we have now been prop­erly po­si­tioned in the scheme of things. In other words we are be­ing con­sid­ered on the same plat­form with other coun­tries.”

He said with the new GDP there will be a lot of im­prove­ment in re­la­tion­ship with other sim­i­lar or­gan­i­sa­tions in­ter­na­tion­ally, be­cause in­sur­ance is an in­ter­na­tional busi­ness. They will give us bet­ter recog­ni­tion.

“It does not change the struc­ture of the econ­omy. It does not in­crease the num­ber of in­sur­able risk that is in the econ­omy be­cause that is where in­sur­ance will grow.’’

Lawal urged to govern­ment to en­sure that the re­bas­ing of the GDP re­flected on the lives of the cit­i­zenry.

“It does not also im­prove the se­cu­rity of the na­tion which l think should be of ut­most and pri­mary at­ten­tion of govern­ment at this point in time.

“l think govern­ment should do ev­ery­thing to ar­rest that; pro­vide se­cu­rity for the na­tion; im­prove em­ploy­ment op­por­tu­nity for the cit­i­zenry; and cre­ate con­ducive at­mos­phere for businesses to thrive.

“A sit­u­a­tion where a num­ber of our man­u­fac­tur­ing com­pa­nies would re­lo­cate to Ghana does not au­gur well for Nigeria as a na­tion. In fact it cre­ates prob­lem of un­em­ploy­ment,’’ he added.

Lawal also said that the na­tion’s new GDP had pro­vided the ba­sis for sci­en­tific eval­u­a­tion and track­ing of the econ­omy and gen­eral de­vel­op­ment.

L-R: Mr. Sun­day Thomas, Di­rec­tor Gen­eral, Nige­rian In­sur­ers As­so­ci­a­tion(NIA); Osita Chi­doka, Corps Mar­shal of the Federal Road Safety Com­mis­sion(FRSC) and Chief Jackie Umoru, Board Mem­ber, FRSC, dur­ing the of­fi­cial pre­sen­ta­tion of some units of HP Elite Pad 900 by the NIA to the Com­mis­sion in Abuja, re­cently.

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