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Tuesday, November 21, 2017.

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Nigerian News » Finance

NCRIB seeks inclusion of sector in PEBEC

The insurance sector should be included in the Presidential Enabling Business Environment Council (PEBEC) headed by Acting President Yemi Osinbajo aimed at removing all critical bottlenecks and bureaucratic restraints to doing business in Nigeria, President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren has said.
He made this call at the February Edition of NCRIB Members’ Evening hosted by Linkage Assurance Plc in Lagos.

He pointed out that noble objective like PEBEC should factor in the insurance sector considering its roles in commerce and risk mitigation, especially for new businesses.
He said that PEBEC has identified seven key reform areas notably; starting business; dealing with construction permits; paying taxes and registering properties, noting that they believe that with diligent commitment of the government to taking these identified barriers, the country would soon be reflated.
Okunoren, however, commended the government for monetary policies being put in place, leading to Naira appreciation in the last couple of days.
While commending the government for shoring up the naira, he stated that it must continue to accelerate steps towards taking the country out of the ignoble comity of consuming nations to producing nation.
He said: “Countries that hold the ace in the world today are those who could produce for export to other countries, rather than be a consuming nation. Consequently, all encumbrances to entrepreneurship and home grown business survival must be removed.

“It is our hope also that with the passage and full implementation of the 2017 National Budget, there is likelihood that the end of recession is in view, with diligent adherence to implementation of provisions for capital projects as provided for in the budget.”
Meanwhile, Managing Director Linkage Assurance Plc, Dr Pius Apere at the event said the company has moved to strengthen its relationship with insurance brokers.
He said this is as a result of its determination to increase its market share and compete effectively for growth.
“Brokers, according to industry statistics, control over 70 percent of the market share, particularly in the corporate private and public sector business.
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