Expert wants structured insurance for mining
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.”