The insurance of all Nigerian markets and public edifices has become paramount as enshrined in the legal provision under Insurance Act 2003 (section 64 and 65) of insurance of public buildings.
Mr. Ayodapo Shoderu, immediate past President of the Nigerian Council of Registered Insurance Brokers, NCRIB, reiterated this known in a report on Monday, stressing the need for government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major markets in Nigeria.
Shoderu said, “We call on government to embark on aggressive asset protection through public enlightenment about risk prevention and control in major markets in Nigeria. Permit me to reiterate the call for compulsory insurance of all Nigerian markets and public edifices as enshrined in the legal provision under Insurance Act 2003 (section 64 and 65) of insurance of public buildings.”
He also said that at the level of the common man, the devalued naira will reduce the disposable income of Nigerians, further precluding them to care less about undertaking insurance.
The former NCRIB President said that the present challenge should make national policymakers to be more ingenious in managing the precarious economic state, while the onus is also on insurance practitioners to be more prudent and more resourceful in running their businesses.
Shoderu said that the time has come for Nigeria to break fast the façade of mono economy and develop other latent mineral resources that the nation presently has in abundance.
“We must also continually put in place strategies to promote the nation’s industrial sector so as to transform our nation from consumption-based to production-based nation.
“All over the world, elections or politics are a great determinant of national economic and political advancement. Whatever happens at the realm of polity affects all other facets of national economy, of which the insurance industry is a critical component. This is why we must do all within our means as practitioners to ensure we have a robust polity,” he said.
Speaking on fires which gutted several markets almost all over the country in recent past, Shoderu noted that the consequence of these unfortunate developments to many of the victims; most especially those without insurance cover, remains horrific.
He stated that these ugly fires coupled with lack of penchant for its mitigation through insurance has continued to deplete the nations’ meagerly managed wealth as most of the victims constitute a significant chunk of entrepreneurial class, who are supposedly great contributors to the nation’s Gross Domestic Product (GDP).