Ex­pert wants struc­tured in­surance for min­ing

Daily Trust - - BUSINESS - By Ade­mola Ade­bayo

The for­mer man­ag­ing direc­tor of the Nige­rian Min­ing Cor­po­ra­tion (NMC), Am­bas­sador Bio­dun Olorun­femi, has called on stake­hold­ers to man­age risks as­so­ci­ated with min­ing busi­ness by pro­vid­ing ac­cess to funds.

The for­mer Nige­rian am­bas­sador to Namibia gave the ad­vice while presenting a pa­per ti­tled: “Man­ag­ing risks as­so­ci­ated with non-oil re­sources ex­plo­ration,” at the 2016 Na­tional In­surance Con­fer­ence held in Abuja.

Re­call­ing some “strides of the ad­min­is­tra­tion within a short span,” Olorun­femi said: “We must join hands to sup­port this gov­ern­ment for pri­ori­tis­ing the nonoil sec­tor as a fo­cus for na­tional pros­per­ity.”

He said that the Buhari-led ad­min­is­tra­tion had ex­pressed its readi­ness to pro­vide in­ter­ven­tion fund for de­vel­op­ment of the min­ing sec­tor.

He said that op­er­a­tors should strengthen the in­surance sys­tems in the con­ti­nent, adding that Africa ranked low­est in the world in­dex of in­surance pen­e­tra­tion.

Olorun­femi called for an all-in­clu­sive ap­proach to the prob­lem, say­ing, “Gov­ern­ments, at all lev­els, and all stake­hold­ers must think out­side the box.”

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