Role Of Business In Nigeria

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Chairman of Heirs Holding, Tony Elumelu, has said that the federal government’s Ease of Doing Business in Nigeria initiative can only work when the three arms of government, the executive, the judiciary and legislature, work together to put up right business policies that will prepare Nigeria as investment destination. Elumelu, stated this in a key note address at the 2017 National Insurance Conference organised by the Insurance Industry Consultative Council ( IICC) in Abuja. Speaking on the theme, ‘Nigeria Open for Business’, Elumelu, said capitals for business go where they are welcomed therefore for Nigeria to promote, attract and retain investment, it must position itself to promote domestic business which will in turn attract foreign…show more content…
“We must be willing to expand the insurance market beyond the upper class and formally employed market, to the middle and lower income market. Doing this, means that our distribution channels must be innovative, considering product features, cost, proximity and all other relevant factors. Alternative distribution channels can also be considered including the use of aggregators to facilitate the sale of group insurance to an existing membership base such as market associations, savings cooperatives, and mobile network operators”, she stated. Adeosun, also said that selling insurance policies can be done through mobile phones, adding, “in order to achieve sustainable and inclusive growth, we must reach the rural areas and the unbanked. We must achieve financial inclusion, deepening insurance penetration through financial inclusion would include, developing the technical capacities to meet the emerging challenges of financial inclusion and micro-insurance. This therefore, calls for more dynamic strategies to deepen the insurance reach.” Earlier in his welcome address, the Commissioner for Insurance, Mohammed Kari, said that insurance is a vital link in the vast chain of business activities in any economy. He said it is also the best vehicle for reducing economic loss as well as serves as a stabiliser and promoter of an economy’s commercial activities. Kari said:
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