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The insurance sector’s assets rose by N410bn in one year as the industry attracted new investors;
NIKE POPOOLA
reports
Despite the impact of COVID-19 pandemic on the economy, the insurance industry attracted some investments that boosted its assets, investigation has shown.
Many of the underwriting firms started sourcing for foreign investors to bring in new capital since the National Insurance Commission ordered the firms to beef up their capital requirements in 2019.
Figures obtained from the Central Bank of Nigeria’s report on ‘Insurance sector (general and life) consolidated balance sheet’ revealed that the industry’s asset rose by N410bn from N1.41tn as of the end of third quarter of 2019 to N1.82tn as of the end of third quarter of 2020.
By Ebere Nwoji
The federal government has said it will ensure the full implementation of the ECOWAS Brown Card Insurance Scheme to guarantee prompt compensation to victims of road accident within the sub-region.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this while speaking at the inauguration of Mr. Ganiyu Musa, as the Chairman of Council of Bureaux, ECOWAS Brown Card Insurance Scheme, in Abuja recently.
She noted that the existence of the scheme and its effective implementation would stimulate integration of the West African regional block preparatory to the full implementation of the African Continental Free Trade
The prices of major food items, such as bags of beans, pepper, tomatoes, eggs amongst others have witnessed a significant surge in Lagos State markets, while the price of local and foreign rice record a slight decrease.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
According to the report, a big bag of brown beans that was initially sold for an average of N33,500, rose by 3.7% to sell for an average of N34,750. Also, the price of a big bag of honey beans increased by 7.02% to sell for an average of N24,750.
Vanguard News
AFCFTA: FG pushes ECOWAS brown card scheme
On
INSURANCE
As Nigeria settles down to the implementation of the African Continental Free Trade Area, AFCFTA, the Federal Government, FG, is pushing for the full implementation of the Economic Community of West African States, ECOWAS, Brown Card Insurance Scheme to guarantee prompt compensation to victims of road accidents within ECOWAS member states.
Making this known at the inauguration of Mr. Ganiyu Musa as the Chairman of Council of Bureaux, ECOWAS Brown Card Insurance Scheme, in Abuja yesterday, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, noted that the existence of the scheme and its effective implementation will stimulate integration of the West African regional block preparatory to the full implementation of AfCFTA subscribed to by most ECOWAS countries.