Minister of Finance, Dr Ngozi
Okonjo-Iweala, on Friday said part of what the Goodluck Jonathan administration
did to improve the Nigerian economy was target setting.
She said this while calling for a
massive education of insurance policy makers in the country to achieve deep
insurance penetration among the populace.
Okonjo-Iweala told the News
Agency of Nigeria (NAN) on Friday in Busan, South Korea, on the sideline of the
Annual Meetings of the African Development Bank (AfDB), that insurance
penetration in Africa and Nigeria in particular was very low.
“As the world is experiencing so
much uncertainties and a lot of volatility in the economy, people really need
to think more deeply about insurance and how they can help protect themselves
and their families, even their countries against these risks,” she stated.
She said insurance penetration in
Africa was as low as three per cent of Gross Domestic Product (GDP) and about
0.3 per cent of GDP in Nigeria, stressing the need for proper enlightenment and
education of the populace.
“We really need to move forward;
there is a lot of opportunities, so we need massive education and insurance
companies must take some responsibilities by working with government in this
direction.
“We should set ourselves some
targets; we were beginning to do that earlier on when we were in government; to
see if we could really, by 2020, 2025, 2030, set targets of having insurance
penetrate deeply,” she said
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