Nigeria’s unstable economy has affected the insurance sector in a way that the traditional yearly plan has been jettisoned for flexible quarterly plan in response to the fluctuating economy.
The Chairman of Nigerian Insurers Association (NIA), Olusegun Omosehin who stated this at a media briefing in Lagos said NIA has advised members to embrace the quarterly plans being the only antidote against volatility of the economy.
NIA according to Omosehin encouraged members to be more proactive in terms of planning adding that most times companies plan for twelve months at the beginning of every year, but in an environment like Nigeria, there might be need to breakdown plans to shorter periods with quarterly review of the plans.
“But we believe so much in the economy that there would be a bounce back. Some people say we are on our way to Zimbabwe, I don’t actually agree with that. I think things are tough right now because of the choices we have made as a country but we must have the will to see it through before we begin to get the benefits.”
Omosehin said each of the policies had some embedded benefits that could only can through
implementation.
Talking about NIA’s relationship with government , Omosehin says the body collaborates with government to ensure they benefit from its schemes.
He said the production sector of the economy must continue to survive through access to forex to import raw materials. He noted that for the Agric sector to sustain food security, political actors must be committed to growing the economy
He equally enjoined the government to look into the issue of security as this is essential for businesses adding that stability in the manufacturing sector is very important.