NAICOM promotes small, medium scale enterprises

The National Insurance Commission (NAICOM) has sensitised more than 300 Nano, Micro, Small and Medium Enterprises (NMSME’s) on the benefits of microinsurance products designed to meet their needs.

The Commisioner for Insurance, Mr Sunday Thomas, said this at a one-day sensitisation workshop organised by the National Insurance Commission (NAICOM) for NMSME’s in Lagos.

He stated that the MicroInsurance and Takaful were two insurance offerings carefully designed for affordability and inclusiveness to bring insurance within the reach of the NMSME’s which are one of the nations most valued contributors to the economy .

Thomas said the products would support the NMSME’s sector for speedy recovery when unforeseen situations occur.

He noted that the workshop was designed to provide insights for the regulator to learn from, adequately protect the NMSMEs as policyholders as well as ensure a safe and sound insurance sector.

The commissioner said that the engagement would also encourage innovation and product development that meet the specific needs of the MSMEs.

” Acording to the National Bureau of Statistics (2019), NMSMEs in Nigeria have contributed about 48 per cent on average to the national Gross Domestic Product (GDP) in the last five years from a total of about 17.4 million enterprises.

“They account for about 50 per cent of industrial jobs and nearly 90 per cent of activities in the manufacturing sector.


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