From Juliana Taiwo-Obalonye, Abuja
The National Economic Council, chaired by Vice President Kashim Shettima, has strongly advised Nigeria to implement a national insurance policy against disasters. This was one of the resolutions approved at the Council meeting this month. The National Economic Council is a statutory body, under the leadership of the Vice President, that advises the President on economic issues and policies. Minister of Budget and Economic Planning, Atiku Bagudu made the disclosure while briefing State Correspondents at the end of the 137th council’s meeting at the Presidential Villa, Abuja.
According to him, consideration is being given to African Reinsurance, an insurance company, to shield Nigeria from unanticipated natural disasters like earthquakes and floods.
“Among other items, the National Economic Council under the Chairmanship of His Excellency the Vice President, Kashim Shetima, considered a presentation by the Chief Executive Office of African Reinsurance which is the leading insurance company in Africa.
“They made a two-fold presentation; one on natural catastrophe insurance that can be utilised to protect the nation against natural catastrophes like flooding and other disasters, this is particularly so, as observed by the Vice President that Morocco recently had a devastating earthquake and Africa Reinsurance, leading other insurance outfits, provided over $270 million support for those who were affected because they were insured and His Excellency felt this is an opportunity for Nigeria to also introduce natural catastrophe insurance with the likelihood the Nigerian government will provide the support in that regard,” he said.
According to the Minister, the proposed policy would also benefit small-scale holders, pasturalists, and Nigerian farmers. “His Excellency the Vice President advised states to utilize the opportunity provided by the Africa Reinsurance in helping to deliver insurance to small scale holder participants in the agricultural space in their respective states.
“Associated with this, the Council resolved and directed that the Coordinating Minister of the Economy and Finance, as well as his Budget and Economic Planning counterpart, chart a roadmap that can see us adopting the National catastrophe insurance and the insurance for supporting farmers and other small scale holders in our agricultural space,” Bagudu explained.