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

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...